Futu Holdings Limited (NASDAQ:FUTU) Sees Significant Decrease in Short Interest

Futu Holdings Limited (NASDAQ:FUTU) was the target of a significant decline in short interest in February. As of February 28th, there was short interest totalling 3,810,000 shares, a decline of 21.0% from the February 13th total of 4,820,000 shares. Currently, 4.3% of the company’s stock are sold short. Based on an average trading volume of 2,580,000 shares, the days-to-cover ratio is presently 1.5 days.

Futu Price Performance

NASDAQ:FUTU traded down $1.03 during mid-day trading on Monday, reaching $117.44. The stock had a trading volume of 2,802,278 shares, compared to its average volume of 2,520,441. The business’s 50 day moving average is $101.39 and its 200 day moving average is $91.43. Futu has a fifty-two week low of $51.80 and a fifty-two week high of $130.88. The stock has a market cap of $16.18 billion, a P/E ratio of 28.77, a PEG ratio of 0.79 and a beta of 0.78.

Analyst Ratings Changes

Several research analysts recently commented on FUTU shares. Citigroup cut Futu from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $79.00 to $95.00 in a research note on Tuesday, November 19th. JPMorgan Chase & Co. upped their target price on Futu from $160.00 to $170.00 and gave the company an “overweight” rating in a report on Friday. Finally, Morgan Stanley raised Futu from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $70.00 to $115.00 in a report on Monday, November 18th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Futu currently has an average rating of “Moderate Buy” and a consensus price target of $107.00.

Institutional Investors Weigh In On Futu

Several hedge funds have recently modified their holdings of FUTU. Arrowstreet Capital Limited Partnership bought a new stake in shares of Futu in the fourth quarter valued at approximately $116,315,000. Point72 Hong Kong Ltd lifted its position in Futu by 170.6% in the fourth quarter. Point72 Hong Kong Ltd now owns 830,842 shares of the company’s stock worth $66,459,000 after purchasing an additional 523,808 shares during the period. Norges Bank bought a new position in Futu in the fourth quarter worth $39,163,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Futu by 502.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,746 shares of the company’s stock worth $53,444,000 after purchasing an additional 465,961 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in Futu in the third quarter worth $39,943,000.

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.