Futu (NASDAQ:FUTU) Trading Up 7.3% – Here’s Why

Futu Holdings Limited (NASDAQ:FUTU)’s share price rose 7.3% on Monday . The company traded as high as $89.37 and last traded at $86.29. Approximately 1,869,148 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 2,778,644 shares. The stock had previously closed at $80.39.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. UBS Group raised their target price on shares of Futu from $130.00 to $136.00 and gave the company a “buy” rating in a research note on Monday, March 17th. JPMorgan Chase & Co. lifted their price objective on Futu from $160.00 to $170.00 and gave the stock an “overweight” rating in a research note on Friday, March 14th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Futu has an average rating of “Moderate Buy” and a consensus price target of $121.20.

Futu Trading Up 6.2 %

The firm has a fifty day simple moving average of $105.49 and a 200 day simple moving average of $96.42. The stock has a market cap of $11.76 billion, a price-to-earnings ratio of 20.92, a PEG ratio of 0.79 and a beta of 0.67.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Smartleaf Asset Management LLC raised its stake in shares of Futu by 1,245.5% in the 4th 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. grew its stake in shares of Futu by 77.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 452 shares of the company’s stock valued at $36,000 after purchasing an additional 197 shares during the period. Rakuten Securities Inc. raised its holdings in shares of Futu by 239.8% in the 4th quarter. Rakuten Securities Inc. now owns 683 shares of the company’s stock worth $55,000 after buying an additional 482 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Futu during the 4th quarter worth approximately $60,000. Finally, Assetmark Inc. boosted its stake in Futu by 15,200.0% in the 4th quarter. Assetmark Inc. now owns 765 shares of the company’s stock valued at $61,000 after buying 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.