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

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. UBS Group upped their price objective 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. increased their price objective on Futu from $160.00 to $170.00 and gave the stock an “overweight” rating in a report on Friday, March 14th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $121.20.

Futu Stock Performance

The firm has a market cap of $15.32 billion, a price-to-earnings ratio of 27.28, a price-to-earnings-growth ratio of 0.79 and a beta of 0.78. The firm’s 50 day moving average is $106.62 and its 200-day moving average is $93.99.

Institutional Investors Weigh In On Futu

A number of large investors have recently added to or reduced their stakes in FUTU. Smartleaf Asset Management LLC grew its stake in 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 during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings 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 worth $36,000 after purchasing an additional 197 shares during the period. Rakuten Securities Inc. lifted its stake in shares of Futu by 239.8% in the fourth 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. acquired a new stake in Futu during the fourth quarter worth about $60,000. Finally, Assetmark Inc. increased its stake in Futu by 15,200.0% during the fourth quarter. Assetmark Inc. now owns 765 shares of the company’s stock valued at $61,000 after acquiring 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.