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

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on FUTU shares. Citigroup cut Futu from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $79.00 to $95.00 in a research note on Tuesday, November 19th. 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, November 18th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Futu currently has an average rating of “Moderate Buy” and a consensus price target of $91.40.

Futu Stock Up 0.7 %

The firm has a market cap of $16.73 billion, a P/E ratio of 29.75, a price-to-earnings-growth ratio of 0.79 and a beta of 0.76. The firm has a fifty day moving average of $93.05 and a 200-day moving average of $85.92.

Institutional Trading of Futu

Institutional investors and hedge funds have recently bought and sold shares of the stock. Valliance Asset Management Ltd bought a new stake in Futu during the third quarter worth about $956,000. Sumitomo Mitsui Trust Group Inc. raised its holdings in Futu by 14.8% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 117,561 shares of the company’s stock worth $11,245,000 after acquiring an additional 15,127 shares in the last quarter. Y Intercept Hong Kong Ltd raised its holdings in Futu by 136.9% during the third quarter. Y Intercept Hong Kong Ltd now owns 42,149 shares of the company’s stock worth $4,032,000 after acquiring an additional 24,355 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Futu by 127.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 52,530 shares of the company’s stock worth $5,024,000 after acquiring an additional 29,401 shares in the last quarter. Finally, Natixis Advisors LLC bought a new stake in Futu during the third quarter worth about $1,100,000.

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.