Futu (NASDAQ:FUTU) Shares Up 6% – Time to Buy?

Futu Holdings Limited (NASDAQ:FUTU)’s share price was up 6% during trading on Monday . The company traded as high as $101.16 and last traded at $100.79. Approximately 286,586 shares traded hands during trading, a decline of 87% from the average daily volume of 2,275,975 shares. The stock had previously closed at $95.08.

Wall Street Analyst Weigh In

Separately, Bank of America raised their price objective on Futu from $80.20 to $90.00 and gave the company a “buy” rating in a report 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. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $72.97.

Futu Trading Up 2.2 %

The company has a market capitalization of $13.65 billion, a price-to-earnings ratio of 25.60, a price-to-earnings-growth ratio of 0.99 and a beta of 0.75. The firm’s 50 day moving average price is $83.71 and its two-hundred day moving average price is $73.01.

Futu (NASDAQ:FUTU) last announced its quarterly earnings results 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 firm had revenue of $400.73 million for the quarter. As a group, equities research analysts predict that Futu Holdings Limited will post 4.75 EPS for the current year.

Institutional Investors Weigh In On Futu

A number of large investors have recently added to or reduced their stakes in the business. Plato Investment Management Ltd acquired a new position in shares of Futu in the third quarter valued at $784,000. Sumitomo Mitsui Trust Group Inc. grew its stake in Futu by 14.8% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 117,561 shares of the company’s stock valued at $11,245,000 after buying an additional 15,127 shares during the last quarter. Venturi Wealth Management LLC bought a new position in Futu in the 3rd quarter valued at about $92,000. State of New Jersey Common Pension Fund D lifted its position in Futu by 29.3% during the third quarter. State of New Jersey Common Pension Fund D now owns 38,860 shares of the company’s stock worth $3,717,000 after acquiring an additional 8,800 shares during the last quarter. Finally, Crossmark Global Holdings Inc. bought a new stake in shares of Futu during the third quarter worth approximately $346,000.

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.