Futu (NASDAQ:FUTU) Stock Price Down 2.2% – Time to Sell?

Futu Holdings Limited (NASDAQ:FUTU) dropped 2.2% on Thursday . The stock traded as low as $85.02 and last traded at $85.06. Approximately 539,477 shares were traded during trading, a decline of 77% from the average daily volume of 2,342,178 shares. The stock had previously closed at $87.00.

Wall Street Analysts Forecast Growth

FUTU has been the subject of several recent analyst reports. Morgan Stanley upgraded Futu from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $70.00 to $115.00 in a research note on Monday, November 18th. Citigroup lowered shares of Futu from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $79.00 to $95.00 in a research report on Tuesday, November 19th. Finally, Bank of America increased their price target 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 analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Futu presently has a consensus rating of “Moderate Buy” and an average price target of $87.33.

Futu Trading Down 0.4 %

The company’s fifty day simple moving average is $89.89 and its 200-day simple moving average is $77.48. The stock has a market cap of $11.95 billion, a P/E ratio of 21.25, a price-to-earnings-growth ratio of 0.88 and a beta of 0.72.

Futu Dividend Announcement

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

Institutional Trading of Futu

Several institutional investors have recently bought and sold shares of the stock. APG Asset Management N.V. bought a new position in shares of Futu during the second quarter valued at $496,000. Valliance Asset Management Ltd acquired a new position in Futu in the third quarter valued at about $956,000. Sei Investments Co. grew its stake in Futu by 261.3% during the second quarter. Sei Investments Co. now owns 25,351 shares of the company’s stock worth $1,663,000 after buying an additional 18,334 shares during the last quarter. Seven Eight Capital LP acquired a new stake in shares of Futu during the second quarter worth approximately $1,956,000. Finally, Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Futu by 14.8% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 117,561 shares of the company’s stock valued at $11,245,000 after acquiring an additional 15,127 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.