Futu (NASDAQ:FUTU) Sees Large Volume Increase – Here’s Why

Futu Holdings Limited (NASDAQ:FUTU) shares saw unusually-high trading volume on Thursday . Approximately 2,141,127 shares changed hands during mid-day trading, a decline of 7% from the previous session’s volume of 2,294,164 shares.The stock last traded at $102.32 and had previously closed at $96.66.

Analysts Set New Price Targets

Separately, Bank of America boosted their target price on Futu from $80.20 to $90.00 and gave the stock a “buy” rating in a research report on Friday, September 27th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $72.97.

Futu Stock Down 13.0 %

The firm has a market cap of $13.02 billion, a price-to-earnings ratio of 24.42, a PEG ratio of 1.00 and a beta of 0.75. The company has a 50-day moving average price of $86.80 and a 200 day moving average price of $74.00.

Futu (NASDAQ:FUTU) last issued its earnings results on Tuesday, August 20th. The company reported $1.11 earnings per share for the quarter. The company had revenue of $400.73 million for the quarter. Futu had a return on equity of 16.77% and a net margin of 39.27%. Equities analysts forecast that Futu Holdings Limited will post 4.75 EPS for the current year.

Institutional Investors Weigh In On Futu

Several hedge funds have recently modified their holdings of FUTU. Allspring Global Investments Holdings LLC lifted its position in shares of Futu by 14.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 877 shares of the company’s stock worth $84,000 after acquiring an additional 112 shares during the period. CIBC Asset Management Inc increased its stake in Futu by 4.3% in the third quarter. CIBC Asset Management Inc now owns 5,403 shares of the company’s stock valued at $517,000 after acquiring an additional 222 shares during the period. DekaBank Deutsche Girozentrale raised its position in Futu by 3.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 7,346 shares of the company’s stock worth $394,000 after purchasing an additional 230 shares in the last quarter. Signaturefd LLC boosted its holdings in Futu by 8.4% during the second quarter. Signaturefd LLC now owns 3,205 shares of the company’s stock valued at $210,000 after purchasing an additional 247 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its position in shares of Futu by 8.6% during the 1st quarter. Daiwa Securities Group Inc. now owns 3,800 shares of the company’s stock worth $206,000 after buying an additional 300 shares during the period.

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.