Futu (NASDAQ:FUTU) Sees Large Volume Increase on Analyst Upgrade

Futu Holdings Limited (NASDAQ:FUTU) saw strong trading volume on Friday after Bank of America raised their price target on the stock from $80.20 to $90.00. Bank of America currently has a buy rating on the stock. 1,470,780 shares traded hands during mid-day trading, a decline of 2% from the previous session’s volume of 1,501,942 shares.The stock last traded at $83.49 and had previously closed at $81.47.

Institutional Investors Weigh In On Futu

Institutional investors have recently made changes to their positions in the company. Marshall Wace LLP lifted its position in Futu by 71.5% during the second quarter. Marshall Wace LLP now owns 1,521,314 shares of the company’s stock valued at $99,813,000 after purchasing an additional 634,369 shares during the period. E Fund Management Co. Ltd. bought a new position in Futu in the second quarter worth approximately $31,490,000. National Bank of Canada FI raised its position in Futu by 3,253,333.3% in the second quarter. National Bank of Canada FI now owns 292,809 shares of the company’s stock worth $18,790,000 after acquiring an additional 292,800 shares during the period. Renaissance Technologies LLC raised its position in Futu by 1,159.9% in the second quarter. Renaissance Technologies LLC now owns 292,300 shares of the company’s stock worth $19,176,000 after acquiring an additional 269,100 shares during the period. Finally, Acadian Asset Management LLC raised its position in Futu by 5,492.5% in the second quarter. Acadian Asset Management LLC now owns 265,869 shares of the company’s stock worth $17,419,000 after acquiring an additional 261,115 shares during the period.

Futu Price Performance

The firm has a market capitalization of $11.81 billion, a P/E ratio of 22.67, a P/E/G ratio of 1.04 and a beta of 0.72. The company’s 50-day simple moving average is $62.15 and its two-hundred day simple moving average is $64.61.

Futu (NASDAQ:FUTU) last released its quarterly earnings results on Tuesday, August 20th. The company reported $1.11 earnings per share for the quarter. The business had revenue of $400.73 million for the quarter. Futu had a net margin of 39.27% and a return on equity of 16.77%. Analysts predict that Futu Holdings Limited will post 4.51 earnings per share for the current year.

About Futu

Futu Holdings Limited provides digitalized securities brokerage and wealth management product distribution service in Hong Kong and internationally. It offers online financial services, including securities and derivative trades brokerage, margin financing and fund distribution services through its Futubull and Moomoo digital platforms.