Futu (NASDAQ:FUTU) Sees Strong Trading Volume – Still a Buy?

Futu Holdings Limited (NASDAQ:FUTU) shares saw unusually-strong trading volume on Thursday . Approximately 2,141,127 shares traded hands during mid-day trading, a decline of 7% from the previous session’s volume of 2,294,164 shares.The stock last traded at $102.32 and had previously closed at $96.66.

Analyst Ratings Changes

Separately, Bank of America lifted their price target on Futu from $80.20 to $90.00 and gave the company a “buy” rating in a report 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. According to data from MarketBeat.com, Futu currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.97.

Futu Price Performance

The firm has a 50 day moving average price of $86.80 and a 200-day moving average price of $74.00. The firm has a market cap of $13.02 billion, a price-to-earnings ratio of 24.42, a price-to-earnings-growth ratio of 1.00 and a beta of 0.75.

Futu (NASDAQ:FUTU) last issued its earnings results on Tuesday, August 20th. The company reported $1.11 earnings per share (EPS) for the quarter. The company had revenue of $400.73 million for the quarter. Futu had a net margin of 39.27% and a return on equity of 16.77%. On average, sell-side analysts expect that Futu Holdings Limited will post 4.75 EPS for the current fiscal year.

Institutional Trading of Futu

Several institutional investors and hedge funds have recently made changes to their positions in FUTU. UniSuper Management Pty Ltd grew its stake in shares of Futu by 100.0% during the first quarter. UniSuper Management Pty Ltd now owns 800 shares of the company’s stock worth $43,000 after purchasing an additional 400 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of Futu during the 2nd quarter worth about $50,000. GAMMA Investing LLC increased its stake in shares of Futu by 181.5% in the 3rd quarter. GAMMA Investing LLC now owns 594 shares of the company’s stock valued at $57,000 after acquiring an additional 383 shares during the last quarter. CWM LLC raised its position in shares of Futu by 67.7% in the 3rd quarter. CWM LLC now owns 743 shares of the company’s stock valued at $71,000 after acquiring an additional 300 shares during the period. Finally, Venturi Wealth Management LLC bought a new stake in Futu in the third quarter valued at approximately $92,000.

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.