Futu (NASDAQ:FUTU) Trading Down 2.2% – Should You Sell?

Shares of Futu Holdings Limited (NASDAQ:FUTU) were down 2.2% during trading on Thursday . The stock traded as low as $85.02 and last traded at $85.06. Approximately 539,477 shares changed hands during trading, a decline of 77% from the average daily volume of 2,342,178 shares. The stock had previously closed at $87.00.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Bank of America upped their price objective on shares of Futu from $80.20 to $90.00 and gave the company a “buy” rating in a research note on Friday, September 27th. Citigroup downgraded shares of Futu from a “buy” rating to a “neutral” rating and upped their price target for the stock from $79.00 to $95.00 in a research note on Tuesday, November 19th. Finally, Morgan Stanley raised Futu from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $70.00 to $115.00 in a research report on Monday, November 18th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $87.33.

Futu Trading Down 3.8 %

The business’s fifty day moving average price is $89.61 and its two-hundred day moving average price is $77.59. The firm has a market cap of $11.41 billion, a P/E ratio of 20.30, a P/E/G ratio of 0.88 and a beta of 0.72.

Futu Dividend Announcement

The business also recently announced a — dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 6th will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, December 6th.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Aspex Management HK Ltd lifted its holdings in Futu by 2.4% in the 3rd quarter. Aspex Management HK Ltd now owns 4,553,023 shares of the company’s stock worth $435,497,000 after purchasing an additional 108,219 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of Futu by 71.5% in the second quarter. Marshall Wace LLP now owns 1,521,314 shares of the company’s stock worth $99,813,000 after buying an additional 634,369 shares during the last quarter. Hhlr Advisors LTD. boosted its holdings in shares of Futu by 46.8% during the 3rd quarter. Hhlr Advisors LTD. now owns 1,051,089 shares of the company’s stock worth $100,537,000 after buying an additional 335,000 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Futu by 502.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,746 shares of the company’s stock valued at $53,444,000 after buying an additional 465,961 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Futu by 3.3% during the 3rd quarter. Geode Capital Management LLC now owns 545,949 shares of the company’s stock worth $51,475,000 after acquiring an additional 17,513 shares during the last quarter.

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.