Futu (NASDAQ:FUTU) Reaches New 12-Month High – What’s Next?

Futu Holdings Limited (NASDAQ:FUTU) shares reached a new 52-week high during trading on Saturday . The company traded as high as $130.88 and last traded at $121.40, with a volume of 4369566 shares changing hands. The stock had previously closed at $120.59.

Analyst Ratings Changes

FUTU has been the subject of several analyst reports. Citigroup downgraded shares of Futu from a “buy” rating to a “neutral” rating and boosted their target price for the company from $79.00 to $95.00 in a research note on Tuesday, November 19th. Morgan Stanley upgraded shares of Futu from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $70.00 to $115.00 in a report on Monday, November 18th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Futu has a consensus rating of “Moderate Buy” and a consensus target price of $91.40.

Futu Price Performance

The stock has a 50-day moving average price of $93.05 and a 200 day moving average price of $85.73. The firm has a market cap of $16.73 billion, a PE ratio of 29.75, a P/E/G ratio of 0.82 and a beta of 0.76.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Mackenzie Financial Corp grew its holdings in Futu by 2.0% in the fourth 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 period. Allspring Global Investments Holdings LLC boosted its holdings in shares of 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 boosted its holdings in shares of 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 grew its stake in shares of Futu by 0.6% during the 4th quarter. Rhumbline Advisers now owns 23,023 shares of the company’s stock valued at $1,842,000 after buying an additional 144 shares during the period. Finally, Vestcor Inc increased its holdings in shares of Futu by 19.2% during the 4th quarter. Vestcor Inc now owns 907 shares of the company’s stock worth $73,000 after buying an additional 146 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.