Futu (NASDAQ:FUTU) Sees Unusually-High Trading Volume Following Analyst Upgrade

Shares of Futu Holdings Limited (NASDAQ:FUTU) saw unusually-high trading volume on Friday after Bank of America raised their price target on the stock from $80.20 to $90.00. Bank of America currently has a buy rating on the stock. Approximately 1,470,780 shares traded hands during mid-day trading, a decline of 2% from the previous session’s volume of 1,501,942 shares.The stock last traded at $83.49 and had previously closed at $81.47.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in FUTU. Norges Bank purchased a new stake in Futu in the 4th quarter worth about $11,472,000. Franklin Resources Inc. purchased a new position in shares of Futu during the fourth quarter worth $2,474,000. Hsbc Holdings PLC increased its holdings in Futu by 889.5% in the fourth quarter. Hsbc Holdings PLC now owns 175,458 shares of the company’s stock valued at $9,586,000 after buying an additional 197,683 shares in the last quarter. CenterBook Partners LP purchased a new position in Futu in the fourth quarter valued at $591,000. Finally, Prudential PLC increased its holdings in Futu by 23.2% in the fourth quarter. Prudential PLC now owns 597,476 shares of the company’s stock valued at $32,640,000 after buying an additional 112,497 shares in the last quarter.

Futu Price Performance

The firm has a market cap of $11.81 billion, a PE ratio of 22.67, a PEG ratio of 1.04 and a beta of 0.72. The business’s 50 day moving average price is $62.15 and its 200 day moving average price is $64.61.

Futu (NASDAQ:FUTU) last posted 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 net margin of 39.27% and a return on equity of 16.77%. As a group, analysts predict that Futu Holdings Limited will post 4.51 earnings per share 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.