Futu (NASDAQ:FUTU) Sees Unusually-High Trading Volume on Analyst Upgrade

Futu Holdings Limited (NASDAQ:FUTU) shares saw unusually-strong trading volume on Friday after Bank of America raised their price target on the stock from $80.20 to $90.00. Bank of America currently has a buy rating on the stock. Approximately 1,470,780 shares changed hands during trading, a decline of 2% from the previous session’s volume of 1,501,942 shares.The stock last traded at $83.49 and had previously closed at $81.47.

Institutional Trading of Futu

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FUTU. DekaBank Deutsche Girozentrale lifted its stake in Futu by 3.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 7,346 shares of the company’s stock valued at $394,000 after purchasing an additional 230 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of Futu by 8.4% during the second quarter. Signaturefd LLC now owns 3,205 shares of the company’s stock worth $210,000 after purchasing an additional 247 shares during the period. Sequoia Financial Advisors LLC boosted its holdings in shares of Futu by 6.5% during the first 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 period. Daiwa Securities Group Inc. boosted its holdings in shares of Futu by 8.6% during the first quarter. Daiwa Securities Group Inc. now owns 3,800 shares of the company’s stock worth $206,000 after purchasing an additional 300 shares during the period. Finally, O Shaughnessy Asset Management LLC lifted its holdings in Futu by 3.2% in the first quarter. O Shaughnessy Asset Management LLC now owns 11,123 shares of the company’s stock worth $602,000 after buying an additional 343 shares during the period.

Futu Stock Up 5.2 %

The company’s fifty day simple moving average is $62.15 and its 200 day simple moving average is $64.61. The firm has a market capitalization of $11.81 billion, a PE ratio of 22.67, a price-to-earnings-growth ratio of 1.04 and a beta of 0.72.

Futu (NASDAQ:FUTU) last released its earnings results on Tuesday, August 20th. The company reported $1.11 earnings per share (EPS) for the quarter. Futu had a net margin of 39.27% and a return on equity of 16.77%. The firm had revenue of $400.73 million during the quarter. Equities research analysts forecast that Futu Holdings Limited will post 4.51 EPS for the current year.

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.