Futu (NASDAQ:FUTU) Sees Strong Trading Volume – Should You Buy?

Shares of Futu Holdings Limited (NASDAQ:FUTU) saw strong trading volume on Thursday . 1,274,493 shares were traded during mid-day trading, a decline of 43% from the previous session’s volume of 2,218,838 shares.The stock last traded at $88.17 and had previously closed at $95.25.

Analyst Upgrades and Downgrades

Separately, Bank of America lifted their price objective on shares of Futu from $80.20 to $90.00 and gave the stock a “buy” rating in a research note on Friday, September 27th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $72.97.

Futu Trading Down 7.0 %

The company’s 50 day moving average is $75.25 and its 200 day moving average is $69.56. The company has a market cap of $12.21 billion, a PE ratio of 23.33, a P/E/G ratio of 1.65 and a beta of 0.74.

Futu (NASDAQ:FUTU) last issued its earnings results on Tuesday, August 20th. The company reported $1.11 EPS for the quarter. The business had revenue of $400.73 million for the quarter. Futu had a net margin of 39.27% and a return on equity of 16.77%. Analysts expect that Futu Holdings Limited will post 4.28 EPS for the current year.

Hedge Funds Weigh In On Futu

Institutional investors have recently made changes to their positions in the company. DekaBank Deutsche Girozentrale raised its stake in Futu by 3.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 7,346 shares of the company’s stock worth $394,000 after buying an additional 230 shares in the last quarter. Signaturefd LLC raised its position in shares of Futu by 8.4% in the 2nd quarter. Signaturefd LLC now owns 3,205 shares of the company’s stock worth $210,000 after acquiring an additional 247 shares in the last quarter. Sequoia Financial Advisors LLC lifted its stake in shares of Futu by 6.5% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,387 shares of the company’s stock worth $238,000 after purchasing an additional 269 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in Futu by 8.6% during the first quarter. Daiwa Securities Group Inc. now owns 3,800 shares of the company’s stock valued at $206,000 after purchasing an additional 300 shares in the last quarter. Finally, CWM LLC grew its stake in Futu by 67.7% in the third quarter. CWM LLC now owns 743 shares of the company’s stock valued at $71,000 after purchasing an additional 300 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.