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

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

Futu Price Performance

Futu stock traded up $0.23 during mid-day trading on Wednesday, reaching $114.70. The company had a trading volume of 1,632,208 shares, compared to its average volume of 2,527,232. Futu has a 1 year low of $51.80 and a 1 year high of $130.88. The company has a market capitalization of $15.80 billion, a P/E ratio of 28.11, a P/E/G ratio of 0.79 and a beta of 0.78. The stock’s 50-day simple moving average is $102.81 and its 200-day simple moving average is $92.19.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FUTU. Smartleaf Asset Management LLC increased its holdings in Futu by 1,245.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 444 shares of the company’s stock valued at $36,000 after buying an additional 411 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Futu by 77.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 452 shares of the company’s stock worth $36,000 after purchasing an additional 197 shares in the last quarter. Rakuten Securities Inc. increased its stake in shares of Futu by 239.8% during the 4th quarter. Rakuten Securities Inc. now owns 683 shares of the company’s stock worth $55,000 after purchasing an additional 482 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Futu during the 4th quarter worth approximately $60,000. Finally, Assetmark Inc. increased its stake in shares of Futu by 15,200.0% during the 4th quarter. Assetmark Inc. now owns 765 shares of the company’s stock worth $61,000 after purchasing an additional 760 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.