Futu (NASDAQ:FUTU) Sees Strong Trading Volume Following Analyst Upgrade

Futu Holdings Limited (NASDAQ:FUTU) shares saw unusually-high trading volume on Friday after Bank of America raised their price target on the stock from $80.20 to $90.00. Bank of America currently has a buy rating on the stock. Approximately 1,470,780 shares traded hands during mid-day trading, a decline of 2% from the previous session’s volume of 1,501,942 shares.The stock last traded at $83.49 and had previously closed at $81.47.

Hedge Funds Weigh In On Futu

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FUTU. UniSuper Management Pty Ltd raised its position in Futu by 100.0% during the first quarter. UniSuper Management Pty Ltd now owns 800 shares of the company’s stock valued at $43,000 after purchasing an additional 400 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Futu in the second quarter valued at about $50,000. Barometer Capital Management Inc. bought a new position in Futu in the fourth quarter valued at about $120,000. SG Americas Securities LLC acquired a new position in Futu during the second quarter worth about $123,000. Finally, Atlas Capital Advisors LLC acquired a new stake in shares of Futu in the 2nd quarter valued at approximately $142,000.

Futu Stock Performance

The firm’s fifty day moving average is $61.67 and its 200-day moving average is $64.42. The company has a market capitalization of $11.59 billion, a P/E ratio of 21.55, a price-to-earnings-growth ratio of 1.04 and a beta of 0.72.

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

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.