Futu Holdings Limited (NASDAQ:FUTU) Sees Significant Decrease in Short Interest

Futu Holdings Limited (NASDAQ:FUTU) saw a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 3,810,000 shares, a drop of 21.0% from the February 13th total of 4,820,000 shares. Approximately 4.3% of the company’s shares are sold short. Based on an average daily trading volume, of 2,580,000 shares, the days-to-cover ratio is presently 1.5 days.

Futu Trading Down 0.9 %

Shares of NASDAQ FUTU traded down $1.03 on Monday, reaching $117.44. 2,802,278 shares of the company traded hands, compared to its average volume of 2,520,441. Futu has a fifty-two week low of $51.80 and a fifty-two week high of $130.88. The company has a 50 day moving average of $101.39 and a 200 day moving average of $91.43. The stock has a market capitalization of $16.18 billion, a PE ratio of 28.77, a P/E/G ratio of 0.79 and a beta of 0.78.

Wall Street Analyst Weigh In

FUTU has been the subject of several recent research reports. Morgan Stanley raised shares of Futu from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $70.00 to $115.00 in a research note on Monday, November 18th. Citigroup downgraded shares of Futu from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $79.00 to $95.00 in a research note on Tuesday, November 19th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Futu from $160.00 to $170.00 and gave the stock an “overweight” rating in a research note on Friday. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Futu has an average rating of “Moderate Buy” and an average price target of $107.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FUTU. Smartleaf Asset Management LLC boosted its position in shares of 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Futu by 77.3% during the fourth 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 in the last quarter. Rakuten Securities Inc. lifted its position in shares of Futu by 239.8% during the fourth quarter. Rakuten Securities Inc. now owns 683 shares of the company’s stock worth $55,000 after purchasing an additional 482 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Futu during the fourth quarter valued at about $60,000. Finally, Assetmark Inc. increased 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 worth $61,000 after acquiring an additional 760 shares during the last quarter.

About Futu

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.