Futu Holdings Limited (NASDAQ:FUTU – Get Free Report)’s share price was down 3.6% during mid-day trading on Monday . The stock traded as low as $112.60 and last traded at $114.18. Approximately 769,383 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 2,513,666 shares. The stock had previously closed at $118.47.
Wall Street Analyst Weigh In
A number of brokerages have issued reports on FUTU. Morgan Stanley upgraded Futu from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $70.00 to $115.00 in a report on Monday, November 18th. Citigroup cut Futu from a “buy” rating to a “neutral” rating and raised their target price for the stock from $79.00 to $95.00 in a report on Tuesday, November 19th. Finally, JPMorgan Chase & Co. raised their target price on Futu from $160.00 to $170.00 and gave the stock an “overweight” rating in a report on Friday. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $107.00.
Check Out Our Latest Stock Report on FUTU
Futu Trading Down 0.6 %
Hedge Funds Weigh In On Futu
Institutional investors have recently modified their holdings of the business. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Futu by 14.8% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 117,561 shares of the company’s stock valued at $11,245,000 after purchasing an additional 15,127 shares in the last quarter. Y Intercept Hong Kong Ltd raised its position in Futu by 136.9% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 42,149 shares of the company’s stock valued at $4,032,000 after buying an additional 24,355 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in Futu by 127.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 52,530 shares of the company’s stock valued at $5,024,000 after buying an additional 29,401 shares during the last quarter. Natixis Advisors LLC acquired a new stake in Futu in the 3rd quarter valued at approximately $1,100,000. Finally, Monolith Management Ltd acquired a new stake in Futu in the 3rd quarter valued at approximately $6,217,000.
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.
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