On Jan. 8, Future FinTech stock rose by 32.5 percent, while the S&P 500 rose by 0.6 percent. The stock was up $1.87 from its previous closing price of $5.75 on a volume of 144,072,848 shares. Over the past year, the S&P 500 has risen by 17.1 percent, while Future FinTech stock has gained 1,072.3 percent. Is Future FinTech or FTFT stock a buy or sell at this price?
Future FinTech is engaged in the financial technology business. On Jan. 8, FTFT stock surged significantly after the CCPC (China Copyright Protection Center) accepted Future FinTech’s application for ten software copyrights associated with blockchain technology applications. The company initially submitted these copyrights in June 2020.
Future FinTech or FTFT on Stocktwits
Future FinTech stock has become a major talking point on social media platforms. An investor named Stock_Titan on Stocktwits said that the company’s mBTC System and Technology allow users to use Bitcoin as an online payment method. Another user by the name Lsky7 thinks that FTFT stock will be trading over $15 when Bitcoin hits $50,000. The investor added that J.P. Morgan predicts that big institutions will invest $600 billion into Bitcoin.
Future FinTech doesn’t pay dividends
Currently, Future FinTech doesn’t pay dividends.
Future FinTech’s valuation
On Jan. 8, Future FinTech stock rose by 32.5 percent and closed at $7.62. At that closing price, the market capitalization was $358.5 million. Future FinTech stock trades at an EV-to-sales multiple of 145.86x.
Future FinTech’s stock forecast
Future FinTech stock has risen by 340.5 percent in the last five days and by 1,072.3 percent in the last year. The stock is trading 32.5 percent below its 52-week high of $11.29 and 1,149.2 percent above its 52-week low of $0.61. Currently, Future FinTech stock is being tracked by just one Wall Street analyst. The analyst has a buy recommendation. The 12-month average target price for Future FinTech stock is $14.30.
Investors should be cautious about Future FinTech stock
Investors shouldn’t get too excited about Future FinTech stock. It was a fruit juice company that revised its name to ride the crypto wave. Future Fintech is a penny stock. Penny stocks carry considerable risks like a lack of history and information.
Last week, Future FinTech announced a term sheet deal with Blocknance. Under the terms of the deal, Future FinTech would acquire 60 percent of the outstanding shares of Blocknance for $960,000. Blocknance allows the conversion of Bitcoin into cash at ATMs in the Dominican Republic. As a result, the company thinks that cryptocurrencies will be slowly accepted by more people.