Futu (NASDAQ:FUTU) Shares Up 6% – Here’s Why

Shares of Futu Holdings Limited (NASDAQ:FUTU) traded up 6% on Thursday . The stock traded as high as $113.50 and last traded at $113.95. 784,103 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 2,541,521 shares. The stock had previously closed at $107.51.

Analyst Ratings Changes

FUTU has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Futu from $160.00 to $170.00 and gave the company an “overweight” rating in a research report on Friday, March 14th. UBS Group lifted their price target on shares of Futu from $130.00 to $136.00 and gave the company a “buy” rating in a report 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’s stock. Based on data from MarketBeat.com, Futu currently has a consensus rating of “Moderate Buy” and an average price target of $121.20.

Futu Trading Down 5.5 %

The business has a 50-day moving average price of $107.52 and a 200 day moving average price of $94.41. The stock has a market capitalization of $14.28 billion, a P/E ratio of 25.40, a P/E/G ratio of 0.79 and a beta of 0.78.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC raised its position in Futu by 1,245.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 444 shares of the company’s stock valued at $36,000 after purchasing an additional 411 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position 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 purchasing an additional 197 shares during the last quarter. Rakuten Securities Inc. raised its holdings in Futu by 239.8% during the 4th quarter. Rakuten Securities Inc. now owns 683 shares of the company’s stock valued at $55,000 after buying an additional 482 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in Futu in the fourth quarter worth $60,000. Finally, Assetmark Inc. boosted its stake in Futu by 15,200.0% during the fourth quarter. Assetmark Inc. now owns 765 shares of the company’s stock worth $61,000 after buying an additional 760 shares during the period.

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.