Futu (NASDAQ:FUTU) Sees Strong Trading Volume – Time to Buy?

Shares of Futu Holdings Limited (NASDAQ:FUTU) saw unusually-high trading volume on Thursday . Approximately 2,141,127 shares were traded during mid-day trading, a decline of 7% from the previous session’s volume of 2,294,164 shares.The stock last traded at $102.32 and had previously closed at $96.66.

Analysts Set New Price Targets

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

Futu Price Performance

The stock has a fifty day simple moving average of $84.46 and a two-hundred day simple moving average of $73.33. The firm has a market capitalization of $15.01 billion, a P/E ratio of 27.11, a P/E/G ratio of 1.01 and a beta of 0.75.

Futu (NASDAQ:FUTU) last released its quarterly earnings data on Tuesday, August 20th. The company reported $1.11 earnings per share for the quarter. The company had revenue of $400.73 million during the quarter. Futu had a net margin of 39.27% and a return on equity of 16.77%. As a group, sell-side analysts expect that Futu Holdings Limited will post 4.75 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. UniSuper Management Pty Ltd increased its holdings in shares of Futu by 100.0% during the first quarter. UniSuper Management Pty Ltd now owns 800 shares of the company’s stock valued at $43,000 after acquiring an additional 400 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Futu during the second quarter valued at about $50,000. GAMMA Investing LLC increased its position in shares of Futu by 181.5% during the third quarter. GAMMA Investing LLC now owns 594 shares of the company’s stock worth $57,000 after acquiring an additional 383 shares in the last quarter. CWM LLC lifted its position in Futu by 67.7% in the 3rd quarter. CWM LLC now owns 743 shares of the company’s stock valued at $71,000 after acquiring an additional 300 shares in the last quarter. Finally, Venturi Wealth Management LLC bought a new stake in Futu during the 3rd quarter worth approximately $92,000.

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.