Futu (NASDAQ:FUTU) Trading 6.8% Higher – Here’s Why

Futu Holdings Limited (NASDAQ:FUTU)’s stock price shot up 6.8% during trading on Wednesday . The company traded as high as $115.54 and last traded at $115.52. 722,238 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 2,686,599 shares. The stock had previously closed at $108.18.

Analyst Ratings Changes

Several analysts have issued reports on FUTU shares. Morgan Stanley upgraded Futu from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $70.00 to $115.00 in a research note on Monday, November 18th. Citigroup lowered Futu from a “buy” rating to a “neutral” rating and upped their price target for the company from $79.00 to $95.00 in a research report on Tuesday, November 19th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $91.40.

Futu Stock Up 9.9 %

The stock has a 50 day simple moving average of $96.42 and a 200 day simple moving average of $88.52. The company has a market capitalization of $16.38 billion, a price-to-earnings ratio of 29.09, a P/E/G ratio of 0.79 and a beta of 0.78.

Institutional Investors Weigh In On Futu

Large investors have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp grew its stake in shares of Futu by 2.0% in the fourth quarter. Mackenzie Financial Corp now owns 4,475 shares of the company’s stock worth $358,000 after purchasing an additional 87 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Futu by 14.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 877 shares of the company’s stock valued at $84,000 after acquiring an additional 112 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Futu by 1.2% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,326 shares of the company’s stock valued at $746,000 after purchasing an additional 113 shares during the period. Rhumbline Advisers boosted its stake in Futu by 0.6% during the fourth quarter. Rhumbline Advisers now owns 23,023 shares of the company’s stock valued at $1,842,000 after buying an additional 144 shares in the last quarter. Finally, Vestcor Inc raised its holdings in shares of Futu by 19.2% in the 4th quarter. Vestcor Inc now owns 907 shares of the company’s stock worth $73,000 after purchasing an additional 146 shares in 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.