Futu (NASDAQ:FUTU) Stock Price Down 3.5% – Should You Sell?

Futu Holdings Limited (NASDAQ:FUTU)’s stock price dropped 3.5% on Tuesday . The company traded as low as $86.74 and last traded at $89.08. Approximately 1,990,699 shares changed hands during mid-day trading, a decline of 15% from the average daily volume of 2,350,883 shares. The stock had previously closed at $92.30.

Analyst Ratings Changes

Several research analysts have commented on the stock. Bank of America lifted their price target on shares of Futu from $80.20 to $90.00 and gave the stock a “buy” rating in a research note on Friday, September 27th. Morgan Stanley raised Futu from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $70.00 to $115.00 in a research note on Monday. Finally, Citigroup cut Futu from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $79.00 to $95.00 in a research note on Tuesday. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Futu presently has a consensus rating of “Moderate Buy” and a consensus price target of $85.07.

Futu Trading Up 2.6 %

The stock has a market cap of $12.26 billion, a P/E ratio of 21.81, a price-to-earnings-growth ratio of 0.89 and a beta of 0.75. The business’s 50 day moving average price is $91.81 and its two-hundred day moving average price is $75.49.

Futu (NASDAQ:FUTU) last announced its earnings results on Tuesday, August 20th. The company reported $1.11 earnings per share (EPS) for the quarter. The firm had revenue of $400.73 million during the quarter. Futu had a return on equity of 17.33% and a net margin of 38.59%. As a group, analysts expect that Futu Holdings Limited will post 4.81 earnings per share for the current year.

Institutional Inflows and Outflows

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