Futu Holdings Limited (NASDAQ:FUTU) Short Interest Up 24.9% in June

Futu Holdings Limited (NASDAQ:FUTU) was the recipient of a significant growth in short interest during the month of June. As of June 30th, there was short interest totalling 4,320,000 shares, a growth of 24.9% from the June 15th total of 3,460,000 shares. Based on an average daily trading volume, of 1,590,000 shares, the days-to-cover ratio is currently 2.7 days.

Hedge Funds Weigh In On Futu

Hedge funds have recently bought and sold shares of the company. UniSuper Management Pty Ltd grew its stake in Futu by 100.0% during the first quarter. UniSuper Management Pty Ltd now owns 800 shares of the company’s stock valued at $43,000 after acquiring an additional 400 shares in the last quarter. Headlands Technologies LLC purchased a new position in Futu during the fourth quarter valued at approximately $44,000. Advisors Preferred LLC purchased a new position in Futu during the fourth quarter valued at approximately $53,000. Newbridge Financial Services Group Inc. purchased a new position in Futu during the first quarter valued at approximately $65,000. Finally, SG Americas Securities LLC purchased a new position in Futu during the second quarter valued at approximately $123,000.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. raised shares of Futu from a “neutral” rating to an “overweight” rating and raised their price target for the company from $62.00 to $92.00 in a research report on Tuesday, May 28th. Bank of America raised their price target on shares of Futu from $81.00 to $85.80 and gave the company a “buy” rating in a research report on Wednesday, May 29th. Finally, CLSA raised shares of Futu from an “underperform” rating to an “outperform” rating and lifted their price objective for the stock from $50.00 to $65.00 in a research report on Monday, March 18th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $72.37.

Futu Price Performance

Shares of FUTU traded down $0.23 during trading hours on Friday, hitting $68.57. The company’s stock had a trading volume of 547,230 shares, compared to its average volume of 1,230,475. The business has a 50 day simple moving average of $71.67 and a two-hundred day simple moving average of $60.11. Futu has a 52-week low of $43.61 and a 52-week high of $81.86.

Futu (NASDAQ:FUTU) last posted its earnings results on Tuesday, May 28th. The company reported $0.95 earnings per share for the quarter. The firm had revenue of $331.27 million during the quarter. Futu had a net margin of 40.86% and a return on equity of 17.16%. During the same quarter in the previous year, the business earned $1.08 EPS. Equities analysts expect that Futu will post 4.68 EPS for the current year.

Futu Company Profile

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.