Futu (NASDAQ:FUTU) Sees Unusually-High Trading Volume – Still a Buy?

Futu Holdings Limited (NASDAQ:FUTU) shares saw an uptick in trading volume on Friday . 5,074,167 shares traded hands during trading, an increase of 166% from the previous session’s volume of 1,904,381 shares.The stock last traded at $122.86 and had previously closed at $122.79.

Analysts Set New Price Targets

Separately, Bank of America increased their price target on Futu from $80.20 to $90.00 and gave the stock a “buy” rating in a report on Friday, September 27th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Futu has an average rating of “Moderate Buy” and an average price target of $72.97.

Futu Trading Up 3.8 %

The company has a market capitalization of $17.57 billion, a PE ratio of 32.84, a price-to-earnings-growth ratio of 1.04 and a beta of 0.74. The business’s fifty day moving average is $66.01 and its two-hundred day moving average is $65.99.

Futu (NASDAQ:FUTU) last released its quarterly earnings data on Tuesday, August 20th. The company reported $1.11 EPS for the quarter. The business had revenue of $400.73 million during the quarter. Futu had a net margin of 39.27% and a return on equity of 16.77%. As a group, equities research analysts anticipate that Futu Holdings Limited will post 4.51 EPS for the current year.

Hedge Funds Weigh In On Futu

Large investors have recently bought and sold shares of the business. Marshall Wace LLP grew its position in Futu by 71.5% in the 2nd quarter. Marshall Wace LLP now owns 1,521,314 shares of the company’s stock valued at $99,813,000 after buying an additional 634,369 shares during the last quarter. Prudential PLC raised its stake in shares of Futu by 23.2% in the 4th quarter. Prudential PLC now owns 597,476 shares of the company’s stock valued at $32,640,000 after purchasing an additional 112,497 shares in the last quarter. E Fund Management Co. Ltd. bought a new stake in shares of Futu during the second quarter valued at approximately $31,490,000. HCEP Management Ltd raised its holdings in Futu by 37.7% during the fourth quarter. HCEP Management Ltd now owns 400,000 shares of the company’s stock worth $21,852,000 after purchasing an additional 109,499 shares in the last quarter. Finally, National Bank of Canada FI lifted its position in shares of Futu by 3,253,333.3% during the 2nd quarter. National Bank of Canada FI now owns 292,809 shares of the company’s stock valued at $18,790,000 after acquiring an additional 292,800 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.