Futu (NASDAQ:FUTU) Trading Up 7.2% – What’s Next?

Shares of Futu Holdings Limited (NASDAQ:FUTU) were up 7.2% during mid-day trading on Friday . The stock traded as high as $130.13 and last traded at $129.32. Approximately 1,176,254 shares traded hands during trading, a decline of 55% from the average daily volume of 2,599,905 shares. The stock had previously closed at $120.59.

Wall Street Analysts Forecast Growth

FUTU has been the topic of several recent research reports. Morgan Stanley upgraded Futu from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $70.00 to $115.00 in a research note on Monday, November 18th. Citigroup lowered shares of Futu from a “buy” rating to a “neutral” rating and raised their price objective for the company from $79.00 to $95.00 in a research note on Tuesday, November 19th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $91.40.

Futu Trading Up 2.0 %

The company’s 50 day simple moving average is $92.35 and its 200-day simple moving average is $85.27. The firm has a market cap of $16.94 billion, a P/E ratio of 30.16, a PEG ratio of 0.82 and a beta of 0.76.

Institutional Investors Weigh In On Futu

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Aspex Management HK Ltd raised its stake in Futu by 2.4% during the 3rd quarter. Aspex Management HK Ltd now owns 4,553,023 shares of the company’s stock valued at $435,497,000 after buying an additional 108,219 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Futu in the fourth quarter worth about $116,315,000. Hhlr Advisors LTD. grew its stake in shares of Futu by 6.4% during the 4th quarter. Hhlr Advisors LTD. now owns 1,118,303 shares of the company’s stock valued at $89,453,000 after purchasing an additional 67,214 shares during the period. Point72 Hong Kong Ltd increased its position in shares of Futu by 170.6% during the 4th quarter. Point72 Hong Kong Ltd now owns 830,842 shares of the company’s stock valued at $66,459,000 after purchasing an additional 523,808 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Futu by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 567,635 shares of the company’s stock worth $44,890,000 after purchasing an additional 21,686 shares during the period.

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.