Short Interest in Futu Holdings Limited (NASDAQ:FUTU) Declines By 5.0%

Futu Holdings Limited (NASDAQ:FUTU) was the target of a large drop in short interest in October. As of October 15th, there was short interest totalling 5,090,000 shares, a drop of 5.0% from the September 30th total of 5,360,000 shares. Based on an average trading volume of 3,940,000 shares, the days-to-cover ratio is presently 1.3 days.

Futu Trading Down 2.1 %

Shares of FUTU opened at $96.14 on Thursday. The stock has a 50 day moving average of $81.70 and a 200 day moving average of $72.04. The company has a market capitalization of $13.25 billion, a price-to-earnings ratio of 24.84, a PEG ratio of 0.97 and a beta of 0.74. Futu has a 12 month low of $43.61 and a 12 month high of $130.50.

Futu (NASDAQ:FUTU) last released its earnings results on Tuesday, August 20th. The company reported $1.11 EPS for the quarter. Futu had a return on equity of 16.77% and a net margin of 39.27%. The company had revenue of $400.73 million for the quarter. As a group, equities research analysts predict that Futu will post 4.78 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC lifted its stake in Futu by 14.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 877 shares of the company’s stock valued at $84,000 after purchasing an additional 112 shares during the last quarter. DekaBank Deutsche Girozentrale grew its stake in shares of Futu by 3.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 7,346 shares of the company’s stock worth $394,000 after acquiring an additional 230 shares during the period. Signaturefd LLC increased its holdings in Futu by 8.4% in the 2nd quarter. Signaturefd LLC now owns 3,205 shares of the company’s stock worth $210,000 after acquiring an additional 247 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in Futu by 6.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,387 shares of the company’s stock valued at $238,000 after acquiring an additional 269 shares during the period. Finally, Daiwa Securities Group Inc. lifted its holdings in Futu by 8.6% during the first quarter. Daiwa Securities Group Inc. now owns 3,800 shares of the company’s stock valued at $206,000 after purchasing an additional 300 shares during the last quarter.

Analysts Set New Price Targets

Separately, Bank of America increased their price objective on Futu from $80.20 to $90.00 and gave the stock a “buy” rating in a research note on Friday, September 27th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $72.97.

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.