Futu (NASDAQ:FUTU) Stock Price Down 3.5% – What’s Next?

Futu Holdings Limited (NASDAQ:FUTU) shares dropped 3.5% during mid-day trading on Tuesday . The company traded as low as $86.74 and last traded at $89.08. Approximately 1,990,699 shares changed hands during trading, a decline of 15% from the average daily volume of 2,350,883 shares. The stock had previously closed at $92.30.

Analyst Ratings Changes

FUTU has been the topic of a number of recent analyst reports. Morgan Stanley raised shares of Futu from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $70.00 to $115.00 in a research report on Monday. Citigroup downgraded Futu from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $79.00 to $95.00 in a research note on Tuesday. Finally, Bank of America lifted their target price on Futu from $80.20 to $90.00 and gave the stock a “buy” rating in a research note on Friday, September 27th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $85.07.

Futu Stock Performance

The company has a market capitalization of $12.26 billion, a PE ratio of 21.81, a PEG ratio of 0.89 and a beta of 0.75. The stock’s 50 day moving average is $91.81 and its 200 day moving average is $75.49.

Futu (NASDAQ:FUTU) last released its quarterly earnings data on Tuesday, August 20th. The company reported $1.11 earnings per share (EPS) for the quarter. Futu had a return on equity of 17.33% and a net margin of 38.59%. The company had revenue of $400.73 million for the quarter. On average, equities research analysts forecast that Futu Holdings Limited will post 4.81 EPS for the current fiscal year.

Institutional Trading of Futu

A number of hedge funds and other institutional investors have recently bought and sold shares of FUTU. APG Asset Management N.V. purchased a new position in Futu during the second quarter worth about $496,000. Valliance Asset Management Ltd bought a new stake in Futu during the third quarter valued at approximately $956,000. Sei Investments Co. grew its stake in Futu by 261.3% in the 2nd quarter. Sei Investments Co. now owns 25,351 shares of the company’s stock worth $1,663,000 after buying an additional 18,334 shares in the last quarter. Seven Eight Capital LP bought a new position in shares of Futu in the 2nd quarter worth $1,956,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Futu by 14.8% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 117,561 shares of the company’s stock worth $11,245,000 after acquiring an additional 15,127 shares during the last quarter.

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.