Futu (NASDAQ:FUTU) Shares Down 16.1% – Should You Sell?

Futu Holdings Limited (NASDAQ:FUTU) shares were down 16.1% on Friday . The stock traded as low as $83.18 and last traded at $81.80. Approximately 2,603,826 shares were traded during mid-day trading, a decline of 2% from the average daily volume of 2,647,826 shares. The stock had previously closed at $97.49.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. upped their target price on shares of Futu from $160.00 to $170.00 and gave the company an “overweight” rating in a research note on Friday, March 14th. UBS Group increased 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. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Futu presently has a consensus rating of “Moderate Buy” and an average price target of $121.20.

Futu Price Performance

The stock has a market cap of $11.51 billion, a price-to-earnings ratio of 20.47, a P/E/G ratio of 0.79 and a beta of 0.67. The stock’s 50 day simple moving average is $108.17 and its two-hundred day simple moving average is $96.04.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FUTU. Arrowstreet Capital Limited Partnership bought a new position in shares of Futu during the 4th quarter worth approximately $116,315,000. Point72 Hong Kong Ltd raised its stake in Futu by 170.6% during the fourth quarter. Point72 Hong Kong Ltd now owns 830,842 shares of the company’s stock worth $66,459,000 after acquiring an additional 523,808 shares in the last quarter. Norges Bank bought a new position in shares of Futu during the fourth quarter valued at $39,163,000. Candriam S.C.A. acquired a new stake in shares of Futu in the 4th quarter valued at $28,004,000. Finally, Man Group plc bought a new stake in shares of Futu in the 4th quarter worth about $25,430,000.

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.