Futu (NASDAQ:FUTU) Shares Down 6.4% – Should You Sell?

Futu Holdings Limited (NASDAQ:FUTU)’s stock price dropped 6.4% during trading on Tuesday . The company traded as low as $95.39 and last traded at $95.43. Approximately 375,028 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 2,344,484 shares. The stock had previously closed at $101.91.

Analysts Set New Price Targets

Separately, Bank of America increased their price objective on Futu from $80.20 to $90.00 and gave the company a “buy” rating in a research report on Friday, September 27th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $72.97.

Futu Price Performance

The company has a market capitalization of $12.82 billion, a P/E ratio of 24.22, a P/E/G ratio of 0.98 and a beta of 0.75. The stock has a 50-day moving average price of $87.56 and a 200-day moving average price of $74.43.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Janney Montgomery Scott LLC increased its position in Futu by 24.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 10,318 shares of the company’s stock valued at $559,000 after buying an additional 2,011 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Futu in the first quarter worth about $747,000. QRG Capital Management Inc. boosted its position in shares of Futu by 8.2% during the first quarter. QRG Capital Management Inc. now owns 12,130 shares of the company’s stock valued at $657,000 after buying an additional 919 shares during the period. Russell Investments Group Ltd. raised its stake in Futu by 3.7% in the first quarter. Russell Investments Group Ltd. now owns 13,422 shares of the company’s stock worth $727,000 after buying an additional 484 shares in the last quarter. Finally, Anthracite Investment Company Inc. acquired a new position in shares of Futu during the first quarter worth $1,525,000.

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.