Futu (NASDAQ:FUTU) Sees Strong Trading Volume – Here’s Why

Futu Holdings Limited (NASDAQ:FUTU) saw unusually-high trading volume on Monday . Approximately 1,124,538 shares changed hands during mid-day trading, an increase of 8% from the previous session’s volume of 1,040,775 shares.The stock last traded at $81.90 and had previously closed at $80.63.

Analysts Set New Price Targets

FUTU has been the topic of a number of research reports. Bank of America raised their target price 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. Morgan Stanley raised shares of Futu from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $70.00 to $115.00 in a research note on Monday, November 18th. Finally, Citigroup downgraded shares of Futu from a “buy” rating to a “neutral” rating and raised their target price for the company from $79.00 to $95.00 in a research note on Tuesday, November 19th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Futu presently has a consensus rating of “Moderate Buy” and an average target price of $91.40.

Futu Stock Performance

The company has a market capitalization of $11.09 billion, a PE ratio of 19.73, a P/E/G ratio of 0.88 and a beta of 0.75. The firm has a fifty day simple moving average of $88.54 and a 200-day simple moving average of $78.02.

Futu Dividend Announcement

The business also recently disclosed a — dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 6th will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, December 6th.

Hedge Funds Weigh In On Futu

A number of hedge funds have recently bought and sold shares of FUTU. Aspex Management HK Ltd grew its position in shares of Futu by 2.4% in the 3rd quarter. Aspex Management HK Ltd now owns 4,553,023 shares of the company’s stock worth $435,497,000 after acquiring an additional 108,219 shares in the last quarter. Marshall Wace LLP boosted its holdings in Futu by 71.5% in the second quarter. Marshall Wace LLP now owns 1,521,314 shares of the company’s stock worth $99,813,000 after purchasing an additional 634,369 shares during the period. Hhlr Advisors LTD. increased its stake in Futu by 46.8% during the third quarter. Hhlr Advisors LTD. now owns 1,051,089 shares of the company’s stock valued at $100,537,000 after purchasing an additional 335,000 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Futu by 502.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,746 shares of the company’s stock worth $53,444,000 after purchasing an additional 465,961 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Futu by 3.3% in the 3rd quarter. Geode Capital Management LLC now owns 545,949 shares of the company’s stock worth $51,475,000 after buying an additional 17,513 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.