Futu (NASDAQ:FUTU) Trading Down 3.6% – Here’s Why

Futu Holdings Limited (NASDAQ:FUTU)’s stock price was down 3.6% on Monday . The company traded as low as $112.60 and last traded at $114.18. Approximately 769,383 shares were traded during trading, a decline of 69% from the average daily volume of 2,513,666 shares. The stock had previously closed at $118.47.

Wall Street Analysts Forecast Growth

Several analysts have commented on FUTU shares. Citigroup cut shares of Futu from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $79.00 to $95.00 in a research note on Tuesday, November 19th. JPMorgan Chase & Co. raised their price target on Futu from $160.00 to $170.00 and gave the stock an “overweight” rating in a research report on Friday, March 14th. Finally, UBS Group upped their price target on shares of Futu from $130.00 to $136.00 and gave the company a “buy” rating in a report on Monday. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $121.20.

Futu Trading Down 2.3 %

The stock has a 50 day moving average of $102.81 and a 200-day moving average of $92.19. The stock has a market capitalization of $15.77 billion, a P/E ratio of 28.06, a price-to-earnings-growth ratio of 0.79 and a beta of 0.78.

Institutional Investors Weigh In On Futu

Institutional investors and hedge funds have recently bought and sold shares of the company. Mackenzie Financial Corp grew its stake in Futu by 2.0% during the 4th quarter. Mackenzie Financial Corp now owns 4,475 shares of the company’s stock worth $358,000 after buying an additional 87 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of Futu by 1.2% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,326 shares of the company’s stock valued at $746,000 after purchasing an additional 113 shares during the period. Rhumbline Advisers increased its holdings in shares of Futu by 0.6% in the fourth quarter. Rhumbline Advisers now owns 23,023 shares of the company’s stock valued at $1,842,000 after purchasing an additional 144 shares during the period. Vestcor Inc boosted its stake in shares of Futu by 19.2% in the fourth quarter. Vestcor Inc now owns 907 shares of the company’s stock worth $73,000 after buying an additional 146 shares during the last quarter. Finally, Voya Investment Management LLC boosted its stake in shares of Futu by 1.6% in the fourth quarter. Voya Investment Management LLC now owns 9,549 shares of the company’s stock worth $764,000 after buying an additional 153 shares during 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.