Futu (NASDAQ:FUTU) Trading Up 7.2% – Time to Buy?

Futu Holdings Limited (NASDAQ:FUTU)’s share price was up 7.2% during mid-day trading on Friday . The company traded as high as $130.13 and last traded at $129.32. Approximately 1,176,254 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 2,599,905 shares. The stock had previously closed at $120.59.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Morgan Stanley raised shares of Futu from an “equal weight” rating to an “overweight” rating and increased their target price for the company 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 price objective for the company from $79.00 to $95.00 in a research note on Tuesday, November 19th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $91.40.

Futu Stock Up 2.0 %

The stock has a market cap of $16.94 billion, a PE ratio of 30.16, a PEG ratio of 0.82 and a beta of 0.76. The business’s 50-day simple moving average is $92.35 and its 200-day simple moving average is $85.27.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FUTU. Smartleaf Asset Management LLC raised its stake in Futu by 1,245.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 444 shares of the company’s stock worth $36,000 after buying an additional 411 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Futu by 77.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 452 shares of the company’s stock worth $36,000 after acquiring an additional 197 shares in the last quarter. Rakuten Securities Inc. lifted its stake in shares of Futu by 239.8% in the 4th quarter. Rakuten Securities Inc. now owns 683 shares of the company’s stock valued at $55,000 after purchasing an additional 482 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Futu in the 4th quarter valued at approximately $60,000. Finally, Assetmark Inc. boosted its position in shares of 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 purchasing an additional 760 shares in 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.