Futu (NASDAQ:FUTU) Sees Unusually-High Trading Volume – Here’s What Happened

Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) shares saw strong trading volume on Friday . 536,152 shares changed hands during mid-day trading, a decline of 41% from the previous session’s volume of 913,295 shares.The stock last traded at $174.1090 and had previously closed at $164.21.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on FUTU shares. Dbs Bank raised shares of Futu to a “moderate buy” rating in a report on Thursday, September 4th. Weiss Ratings restated a “hold (c+)” rating on shares of Futu in a research report on Wednesday, October 8th. Barclays upped their price target on shares of Futu from $232.00 to $236.00 and gave the stock an “overweight” rating in a report on Thursday, November 20th. Finally, Zacks Research upgraded Futu from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $203.67.

Futu Trading Up 6.1%

The stock has a market cap of $24.23 billion, a P/E ratio of 19.50, a price-to-earnings-growth ratio of 0.54 and a beta of 0.20. The business has a 50-day simple moving average of $173.00 and a 200 day simple moving average of $164.90.

Futu (NASDAQ:FUTU) last announced its earnings results on Tuesday, November 18th. The company reported $2.93 EPS for the quarter, beating the consensus estimate of $2.54 by $0.39. The business had revenue of $822.80 million for the quarter, compared to analysts’ expectations of $631.51 million. Futu had a return on equity of 30.59% and a net margin of 47.11%. As a group, equities analysts expect that Futu Holdings Limited Sponsored ADR will post 4.94 earnings per share for the current year.

Hedge Funds Weigh In On Futu

Several hedge funds and other institutional investors have recently bought and sold shares of FUTU. Aspex Management HK Ltd grew its holdings in Futu by 21.1% during the 2nd quarter. Aspex Management HK Ltd now owns 3,393,307 shares of the company’s stock worth $419,379,000 after acquiring an additional 591,082 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of Futu by 7.5% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,660,168 shares of the company’s stock valued at $288,720,000 after purchasing an additional 116,143 shares in the last quarter. State Street Corp boosted its position in shares of Futu by 18.4% during the 2nd quarter. State Street Corp now owns 1,212,481 shares of the company’s stock valued at $149,851,000 after purchasing an additional 188,840 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Futu by 805.2% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,126,633 shares of the company’s stock worth $195,933,000 after purchasing an additional 1,002,171 shares during the period. Finally, Bank of America Corp DE increased its holdings in Futu by 34.4% in the second quarter. Bank of America Corp DE now owns 1,006,656 shares of the company’s stock worth $124,413,000 after purchasing an additional 257,389 shares in the last quarter.

About Futu

Futu Holdings Ltd. is a technology-driven brokerage and wealth management company that provides online brokerage services, market data, and investment tools to retail and institutional clients. Headquartered in Hong Kong and listed on the NASDAQ under the ticker FUTU, the company operates digital trading platforms that combine order execution, real-time quotes, news, and research tools to serve active investors and wealth management customers.

The firm’s product suite includes brokerage access to equities, exchange-traded funds and derivatives across major markets, margin financing, initial public offering (IPO) subscription services, wealth management products and discretionary investment solutions.