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

Shares of Futu Holdings Limited (NASDAQ:FUTU) dropped 3.6% during mid-day trading on Monday . The company traded as low as $112.60 and last traded at $114.18. Approximately 769,383 shares changed hands 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 Analyst Weigh In

FUTU has been the topic of a number of recent analyst reports. Citigroup downgraded Futu from a “buy” rating to a “neutral” rating and increased their price target for the stock from $79.00 to $95.00 in a research report on Tuesday, November 19th. JPMorgan Chase & Co. increased 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 increased their price target on Futu from $130.00 to $136.00 and gave the stock a “buy” rating in a research report on Monday. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $121.20.

Futu Stock Down 2.3 %

The firm has a market cap of $15.77 billion, a PE ratio of 28.06, a P/E/G ratio of 0.79 and a beta of 0.78. The firm has a 50-day moving average price of $102.81 and a two-hundred day moving average price of $92.19.

Hedge Funds Weigh In On Futu

Several hedge funds and other institutional investors have recently made changes to their positions in FUTU. CIBC Asset Management Inc lifted its position in shares of Futu by 4.3% in the third quarter. CIBC Asset Management Inc now owns 5,403 shares of the company’s stock valued at $517,000 after acquiring an additional 222 shares in the last quarter. Natixis Advisors LLC acquired a new stake in shares of Futu in the third quarter valued at approximately $1,100,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Futu by 127.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 52,530 shares of the company’s stock valued at $5,024,000 after purchasing an additional 29,401 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Futu by 19.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 56,669 shares of the company’s stock valued at $5,420,000 after purchasing an additional 9,221 shares during the last quarter. Finally, Citigroup Inc. increased its holdings in shares of Futu by 31.6% in the third quarter. Citigroup Inc. now owns 215,419 shares of the company’s stock valued at $20,605,000 after purchasing an additional 51,765 shares during the last quarter.

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.