Futu (NASDAQ:FUTU) Stock Price Down 3.2%

Futu Holdings Limited (NASDAQ:FUTU)’s share price fell 3.2% during mid-day trading on Thursday . The company traded as low as $57.70 and last traded at $57.70. 140,527 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 1,415,208 shares. The stock had previously closed at $59.61.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FUTU. Bank of America upped their price objective on shares of Futu from $77.60 to $80.20 and gave the company a “buy” rating in a research note on Wednesday, August 21st. JPMorgan Chase & Co. raised shares of Futu from a “neutral” rating to an “overweight” rating and increased their price target for the company from $62.00 to $92.00 in a research report on Tuesday, May 28th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $71.57.

Futu Trading Down 3.5 %

The firm has a market capitalization of $7.92 billion, a P/E ratio of 15.77, a price-to-earnings-growth ratio of 0.91 and a beta of 0.72. The company’s fifty day simple moving average is $62.02 and its 200 day simple moving average is $63.63.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Marshall Wace LLP raised its holdings in Futu by 71.5% in the 2nd quarter. Marshall Wace LLP now owns 1,521,314 shares of the company’s stock worth $99,813,000 after purchasing an additional 634,369 shares in the last quarter. Prudential PLC grew its position in Futu by 23.2% during the 4th quarter. Prudential PLC now owns 597,476 shares of the company’s stock valued at $32,640,000 after purchasing an additional 112,497 shares during the last quarter. E Fund Management Co. Ltd. purchased a new stake in Futu during the 2nd quarter valued at about $31,490,000. HCEP Management Ltd grew its position in Futu by 37.7% during the 4th quarter. HCEP Management Ltd now owns 400,000 shares of the company’s stock valued at $21,852,000 after purchasing an additional 109,499 shares during the last quarter. Finally, National Bank of Canada FI grew its position in Futu by 3,253,333.3% during the 2nd quarter. National Bank of Canada FI now owns 292,809 shares of the company’s stock valued at $18,790,000 after purchasing an additional 292,800 shares during the last quarter.

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.