Futu (NASDAQ:FUTU) Stock Price Up 7.3% – Should You Buy?

Shares of Futu Holdings Limited (NASDAQ:FUTU) rose 7.3% during mid-day trading on Friday . The company traded as high as $105.60 and last traded at $104.27. Approximately 1,938,449 shares traded hands during trading, a decline of 13% from the average daily volume of 2,226,995 shares. The stock had previously closed at $97.16.

Analyst Ratings Changes

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

Futu Trading Up 7.7 %

The company has a market cap of $14.42 billion, a price-to-earnings ratio of 25.63, a P/E/G ratio of 0.76 and a beta of 0.76. The stock’s fifty day simple moving average is $86.57 and its 200 day simple moving average is $81.43.

Futu Dividend Announcement

The company also recently declared a — dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 6th were paid a $2.00 dividend. The ex-dividend date was Friday, December 6th.

Institutional Trading of Futu

Hedge funds have recently made changes to their positions in the company. Valliance Asset Management Ltd purchased a new stake in shares of Futu in the 3rd quarter valued at approximately $956,000. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Futu by 14.8% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 117,561 shares of the company’s stock worth $11,245,000 after purchasing an additional 15,127 shares during the period. Y Intercept Hong Kong Ltd boosted its position in shares of Futu by 136.9% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 42,149 shares of the company’s stock worth $4,032,000 after purchasing an additional 24,355 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Futu by 127.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 52,530 shares of the company’s stock worth $5,024,000 after purchasing an additional 29,401 shares during the period. Finally, Natixis Advisors LLC purchased a new position in shares of Futu during the 3rd quarter worth approximately $1,100,000.

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.