Futu (NASDAQ:FUTU) Stock Price Up 6.8% – Should You Buy?

Shares of Futu Holdings Limited (NASDAQ:FUTU) rose 6.8% on Wednesday . The company traded as high as $115.54 and last traded at $115.52. Approximately 722,238 shares changed hands during trading, a decline of 73% from the average daily volume of 2,686,599 shares. The stock had previously closed at $108.18.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Citigroup downgraded shares of Futu from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $79.00 to $95.00 in a research note on Tuesday, November 19th. Morgan Stanley raised shares of Futu from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $70.00 to $115.00 in a research report on Monday, November 18th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $91.40.

Futu Stock Up 9.9 %

The business’s 50 day moving average price is $96.42 and its 200-day moving average price is $88.52. The company has a market cap of $16.38 billion, a PE ratio of 29.09, a price-to-earnings-growth ratio of 0.79 and a beta of 0.78.

Hedge Funds Weigh In On Futu

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC grew its stake in Futu by 1,245.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 444 shares of the company’s stock valued at $36,000 after purchasing an additional 411 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted 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 valued at $36,000 after buying an additional 197 shares during the last quarter. Rakuten Securities Inc. grew its position in shares of Futu by 239.8% during the fourth 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 stake in shares of Futu in the fourth quarter worth $60,000. Finally, Assetmark Inc. raised its holdings in Futu by 15,200.0% in the fourth quarter. Assetmark Inc. now owns 765 shares of the company’s stock valued at $61,000 after acquiring an additional 760 shares in 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.