Futu Holdings Limited (NASDAQ:FUTU – Get Free Report) was the target of a significant decline in short interest during the month of March. As of March 15th, there was short interest totalling 3,250,000 shares, a decline of 12.2% from the February 29th total of 3,700,000 shares. Based on an average trading volume of 1,560,000 shares, the days-to-cover ratio is presently 2.1 days.
Hedge Funds Weigh In On Futu
Hedge funds and other institutional investors have recently made changes to their positions in the business. Hollencrest Capital Management acquired a new stake in Futu in the first quarter worth approximately $25,000. Financial Management Professionals Inc. acquired a new stake in Futu in the third quarter worth approximately $30,000. Wells Fargo & Company MN lifted its position in Futu by 102.4% in the fourth quarter. Wells Fargo & Company MN now owns 923 shares of the company’s stock worth $38,000 after purchasing an additional 467 shares during the period. Headlands Technologies LLC acquired a new stake in Futu in the fourth quarter worth approximately $44,000. Finally, Advisors Preferred LLC acquired a new stake in Futu in the fourth quarter worth approximately $53,000.
Futu Stock Performance
Shares of FUTU stock opened at $54.15 on Friday. The business has a 50 day moving average of $52.27 and a two-hundred day moving average of $54.57. Futu has a 52 week low of $35.91 and a 52 week high of $67.49.
Analyst Upgrades and Downgrades
FUTU has been the subject of several research analyst reports. UBS Group raised Futu from a “neutral” rating to a “buy” rating and set a $67.00 price objective for the company in a report on Friday, January 5th. Morgan Stanley raised Futu from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $40.00 to $50.00 in a report on Thursday, January 4th. JPMorgan Chase & Co. lowered Futu from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $64.00 to $62.00 in a report on Friday, March 15th. Citigroup lowered their price objective on Futu from $76.90 to $75.30 and set a “buy” rating for the company in a report on Friday, March 15th. Finally, CLSA raised Futu from an “underperform” rating to an “outperform” rating and boosted their price objective for the company from $50.00 to $65.00 in a report on Monday, March 18th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $62.83.
Check Out Our Latest Research Report on Futu
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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