Futu (NASDAQ:FUTU) Sees Large Volume Increase – Still a Buy?

Futu Holdings Limited (NASDAQ:FUTU) shares saw an uptick in trading volume on Monday . 1,124,538 shares changed hands during trading, an increase of 8% from the previous session’s volume of 1,040,775 shares.The stock last traded at $81.90 and had previously closed at $80.63.

Analyst Ratings Changes

A number of research firms recently commented on FUTU. Citigroup lowered shares of Futu from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $79.00 to $95.00 in a research note on Tuesday, November 19th. Bank of America lifted their price target on Futu from $80.20 to $90.00 and gave the company a “buy” rating in a report on Friday, September 27th. Finally, Morgan Stanley raised Futu from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $70.00 to $115.00 in a research note on Monday, November 18th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $91.40.

Futu Trading Down 2.7 %

The firm’s fifty day moving average price is $87.84 and its 200 day moving average price is $78.21. The firm has a market capitalization of $10.67 billion, a PE ratio of 18.98, a PEG ratio of 0.88 and a beta of 0.72.

Futu Dividend Announcement

The company also recently announced a — dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 6th will be given a $2.00 dividend. The ex-dividend date of this dividend is Friday, December 6th.

Institutional Investors Weigh In On Futu

Several institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC bought a new stake in Futu in the second quarter worth approximately $50,000. TD Asset Management Inc boosted its stake in shares of Futu by 3.2% during the 2nd quarter. TD Asset Management Inc now owns 15,884 shares of the company’s stock worth $1,042,000 after acquiring an additional 498 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of Futu by 5,492.5% during the 2nd quarter. Acadian Asset Management LLC now owns 265,869 shares of the company’s stock valued at $17,419,000 after acquiring an additional 261,115 shares during the last quarter. Sparta 24 Ltd. bought a new position in shares of Futu in the 2nd quarter valued at approximately $1,806,000. Finally, Daiwa Securities Group Inc. lifted its holdings in Futu by 23.7% in the 2nd quarter. Daiwa Securities Group Inc. now owns 4,700 shares of the company’s stock worth $308,000 after purchasing an additional 900 shares during the last quarter.

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.