Futu (NASDAQ:FUTU) Sees Large Volume Increase – Should You Buy?

Futu Holdings Limited (NASDAQ:FUTU) shares saw strong trading volume on Friday . 1,302,016 shares traded hands during trading, a decline of 15% from the previous session’s volume of 1,532,328 shares.The stock last traded at $87.89 and had previously closed at $80.40.

Wall Street Analyst Weigh In

FUTU has been the topic of several recent analyst reports. Bank of America upped their price target on Futu from $80.20 to $90.00 and gave the company a “buy” rating in a research note on Friday, September 27th. Citigroup lowered shares of Futu from a “buy” rating to a “neutral” rating and increased their target price for the stock from $79.00 to $95.00 in a research note on Tuesday, November 19th. Finally, Morgan Stanley raised shares of Futu from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $70.00 to $115.00 in a research note on Monday, November 18th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Futu presently has a consensus rating of “Moderate Buy” and an average target price of $91.40.

Futu Trading Up 8.6 %

The company has a market capitalization of $12.03 billion, a PE ratio of 21.41, a PEG ratio of 0.60 and a beta of 0.75. The business has a fifty day moving average of $84.96 and a 200 day moving average of $78.56.

Futu Dividend Announcement

The firm also recently disclosed a — dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 6th were issued a $2.00 dividend. The ex-dividend date of this dividend was Friday, December 6th.

Institutional Investors Weigh In On Futu

Hedge funds have recently added to or reduced their stakes in the business. Federated Hermes Inc. increased its position in shares of Futu by 743.5% during the second quarter. Federated Hermes Inc. now owns 18,227 shares of the company’s stock worth $1,196,000 after acquiring an additional 16,066 shares during the period. Renaissance Technologies LLC grew its stake in Futu by 1,159.9% during the 2nd quarter. Renaissance Technologies LLC now owns 292,300 shares of the company’s stock worth $19,176,000 after purchasing an additional 269,100 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in Futu by 9.9% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 12,521 shares of the company’s stock worth $821,000 after purchasing an additional 1,128 shares during the period. Vanguard Personalized Indexing Management LLC acquired a new stake in Futu in the 2nd quarter valued at about $280,000. Finally, Hsbc Holdings PLC boosted its stake in shares of Futu by 14.3% in the 2nd quarter. Hsbc Holdings PLC now owns 221,306 shares of the company’s stock valued at $14,510,000 after buying an additional 27,607 shares during the period.

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.