Futu Holdings Limited (NASDAQ:FUTU) Sees Large Decrease in Short Interest

Futu Holdings Limited (NASDAQ:FUTU) was the target of a large decline in short interest during the month of February. As of February 28th, there was short interest totalling 3,810,000 shares, a decline of 21.0% from the February 13th total of 4,820,000 shares. Approximately 4.3% of the shares of the stock are short sold. Based on an average daily volume of 2,580,000 shares, the short-interest ratio is presently 1.5 days.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on FUTU shares. JPMorgan Chase & Co. upped their price objective on Futu from $160.00 to $170.00 and gave the company an “overweight” rating in a report on Friday, March 14th. UBS Group upped their price objective on Futu from $130.00 to $136.00 and gave the company a “buy” rating in a report on Monday. Finally, Citigroup cut Futu from a “buy” rating to a “neutral” rating and upped their price objective for the company from $79.00 to $95.00 in a report on Tuesday, November 19th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $121.20.

Hedge Funds Weigh In On Futu

Large investors have recently bought and sold shares of the stock. Sumitomo Mitsui Trust Group Inc. boosted its stake in Futu by 14.8% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 117,561 shares of the company’s stock valued at $11,245,000 after acquiring an additional 15,127 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its stake in Futu by 136.9% in the third quarter. Y Intercept Hong Kong Ltd now owns 42,149 shares of the company’s stock valued at $4,032,000 after acquiring an additional 24,355 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Futu by 127.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 52,530 shares of the company’s stock valued at $5,024,000 after acquiring an additional 29,401 shares in the last quarter. Natixis Advisors LLC acquired a new position in Futu in the third quarter valued at $1,100,000. Finally, Monolith Management Ltd acquired a new position in Futu in the third quarter valued at $6,217,000.

Futu Stock Up 0.2 %

NASDAQ FUTU traded up $0.23 on Wednesday, reaching $114.70. The stock had a trading volume of 1,632,208 shares, compared to its average volume of 2,527,232. Futu has a 12-month low of $51.80 and a 12-month high of $130.88. The firm has a market capitalization of $15.80 billion, a price-to-earnings ratio of 28.11, a P/E/G ratio of 0.79 and a beta of 0.78. The stock has a fifty day moving average price of $102.81 and a two-hundred day moving average price of $92.19.

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.