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

Futu Holdings Limited (NASDAQ:FUTU) shares saw unusually-strong trading volume on Thursday . Approximately 1,274,493 shares changed hands during trading, a decline of 43% from the previous session’s volume of 2,218,838 shares.The stock last traded at $88.17 and had previously closed at $95.25.

Analysts Set New Price Targets

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

Futu Stock Performance

The firm has a market cap of $12.21 billion, a PE ratio of 23.33, a P/E/G ratio of 1.65 and a beta of 0.74. The company has a 50 day simple moving average of $75.25 and a two-hundred day simple moving average of $69.56.

Futu (NASDAQ:FUTU) last issued its quarterly earnings results on Tuesday, August 20th. The company reported $1.11 earnings per share for the quarter. Futu had a net margin of 39.27% and a return on equity of 16.77%. The company had revenue of $400.73 million for the quarter. As a group, research analysts predict that Futu Holdings Limited will post 4.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Futu

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FUTU. Marshall Wace LLP boosted its stake in shares of 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 buying an additional 634,369 shares during the last quarter. E Fund Management Co. Ltd. acquired a new stake in shares of Futu during the 2nd quarter worth approximately $31,490,000. National Bank of Canada FI increased its holdings in shares of Futu by 3,253,333.3% during the 2nd quarter. National Bank of Canada FI now owns 292,809 shares of the company’s stock valued at $18,790,000 after purchasing an additional 292,800 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Futu by 1,159.9% in the 2nd quarter. Renaissance Technologies LLC now owns 292,300 shares of the company’s stock valued at $19,176,000 after purchasing an additional 269,100 shares during the period. Finally, Acadian Asset Management LLC boosted its holdings in Futu by 5,492.5% during the second quarter. Acadian Asset Management LLC now owns 265,869 shares of the company’s stock worth $17,419,000 after buying an additional 261,115 shares in the last quarter.

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.