Futu (NASDAQ:FUTU) Sees Strong Trading Volume – Should You Buy?

Futu Holdings Limited (NASDAQ:FUTU) shares saw strong 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 Upgrades and Downgrades

Several equities analysts have weighed in on the company. Citigroup downgraded Futu from a “buy” rating to a “neutral” rating and raised their price target for the stock from $79.00 to $95.00 in a research report on Tuesday, November 19th. Morgan Stanley upgraded Futu from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $70.00 to $115.00 in a research report on Monday, November 18th. Finally, Bank of America upped their target price on shares of Futu from $80.20 to $90.00 and gave the company a “buy” rating in a report on Friday, September 27th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Futu currently has a consensus rating of “Moderate Buy” and an average target price of $91.40.

Futu Stock Performance

The company has a market cap of $11.09 billion, a PE ratio of 19.73, a PEG ratio of 0.88 and a beta of 0.75. The firm has a fifty day simple moving average of $88.54 and a 200 day simple moving average of $78.02.

Futu Announces Dividend

The business also recently declared a — dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 6th will be given a dividend of $2.00 per share. The ex-dividend date is Friday, December 6th.

Hedge Funds Weigh In On Futu

A number of large investors have recently bought and sold shares of FUTU. Allspring Global Investments Holdings LLC purchased a new position in Futu during the second quarter worth approximately $50,000. CIBC Asset Management Inc raised its stake in Futu by 7.8% during the second quarter. CIBC Asset Management Inc now owns 5,181 shares of the company’s stock worth $340,000 after purchasing an additional 374 shares during the period. TD Asset Management Inc raised its stake in Futu by 3.2% during the second quarter. TD Asset Management Inc now owns 15,884 shares of the company’s stock worth $1,042,000 after purchasing an additional 498 shares during the period. National Bank of Canada FI raised its stake in Futu by 3,253,333.3% during the second quarter. National Bank of Canada FI now owns 292,809 shares of the company’s stock worth $18,790,000 after purchasing an additional 292,800 shares during the period. Finally, Acadian Asset Management LLC raised its stake in Futu by 5,492.5% during the second quarter. Acadian Asset Management LLC now owns 265,869 shares of the company’s stock worth $17,419,000 after purchasing an additional 261,115 shares during the period.

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.