Futu (NASDAQ:FUTU) Trading Up 7.2% – What’s Next?

Shares of Futu Holdings Limited (NASDAQ:FUTU) were up 7.2% during trading on Friday . The company traded as high as $130.13 and last traded at $129.32. Approximately 1,176,254 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 2,599,905 shares. The stock had previously closed at $120.59.

Analysts Set New Price Targets

A number of analysts have commented on FUTU shares. Morgan Stanley upgraded Futu from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $70.00 to $115.00 in a research report on Monday, November 18th. Citigroup downgraded Futu from a “buy” rating to a “neutral” rating and raised their target price for the stock from $79.00 to $95.00 in a research report on Tuesday, November 19th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $91.40.

Futu Stock Performance

The company has a 50-day moving average of $93.05 and a 200 day moving average of $85.92. The firm has a market cap of $16.73 billion, a P/E ratio of 29.75, a P/E/G ratio of 0.79 and a beta of 0.76.

Hedge Funds Weigh In On Futu

Several institutional investors have recently bought and sold shares of the business. Mackenzie Financial Corp raised its position in Futu by 2.0% in the 4th quarter. Mackenzie Financial Corp now owns 4,475 shares of the company’s stock valued at $358,000 after purchasing an additional 87 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position 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 last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Futu by 1.2% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,326 shares of the company’s stock valued at $746,000 after purchasing an additional 113 shares during the last quarter. Rhumbline Advisers raised its position in Futu by 0.6% in the 4th quarter. Rhumbline Advisers now owns 23,023 shares of the company’s stock valued at $1,842,000 after purchasing an additional 144 shares during the last quarter. Finally, Vestcor Inc increased its stake in shares of Futu by 19.2% in the 4th quarter. Vestcor Inc now owns 907 shares of the company’s stock valued at $73,000 after buying an additional 146 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.