Futu (NASDAQ:FUTU) Shares Down 6.4% – Time to Sell?

Futu Holdings Limited (NASDAQ:FUTU)’s share price dropped 6.4% on Tuesday . The stock traded as low as $95.39 and last traded at $95.43. Approximately 375,028 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 2,344,484 shares. The stock had previously closed at $101.91.

Wall Street Analyst Weigh In

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

Futu Trading Down 8.7 %

The stock’s 50 day moving average price is $87.56 and its 200 day moving average price is $74.43. The firm has a market cap of $12.82 billion, a PE ratio of 24.22, a P/E/G ratio of 0.98 and a beta of 0.75.

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

Institutional Investors Weigh In On Futu

Institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its holdings in Futu by 14.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 877 shares of the company’s stock valued at $84,000 after purchasing an additional 112 shares during the period. CIBC Asset Management Inc boosted its stake in Futu by 4.3% during the 3rd quarter. CIBC Asset Management Inc now owns 5,403 shares of the company’s stock worth $517,000 after acquiring an additional 222 shares during the last quarter. DekaBank Deutsche Girozentrale raised its holdings in Futu by 3.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 7,346 shares of the company’s stock worth $394,000 after buying an additional 230 shares during the period. Signaturefd LLC raised its holdings in Futu by 8.4% during the 2nd quarter. Signaturefd LLC now owns 3,205 shares of the company’s stock worth $210,000 after buying an additional 247 shares during the period. Finally, CWM LLC raised its holdings in shares of Futu by 67.7% in the third quarter. CWM LLC now owns 743 shares of the company’s stock valued at $71,000 after purchasing an additional 300 shares during the last quarter.

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.