Futu (NASDAQ:FUTU) Shares Down 5.9% – Here’s Why
by Tristan Rich · The Markets DailyFutu Holdings Limited Sponsored ADR (NASDAQ:FUTU – Get Free Report)’s stock price traded down 5.9% during trading on Wednesday . The company traded as low as $173.38 and last traded at $173.29. 933,868 shares were traded during trading, a decline of 32% from the average session volume of 1,380,008 shares. The stock had previously closed at $184.08.
Analysts Set New Price Targets
FUTU has been the topic of several recent analyst reports. Weiss Ratings restated a “hold (c+)” rating on shares of Futu in a report on Wednesday, October 8th. Barclays raised their price objective on shares of Futu from $232.00 to $236.00 and gave the stock an “overweight” rating in a research note on Thursday, November 20th. Finally, Zacks Research upgraded shares of Futu from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $203.67.
View Our Latest Report on FUTU
Futu Stock Performance
The firm has a market capitalization of $24.24 billion, a PE ratio of 19.51, a P/E/G ratio of 0.55 and a beta of 0.20. The business’s 50 day moving average price is $171.79 and its 200-day moving average price is $168.95.
Futu (NASDAQ:FUTU – Get Free Report) last announced its earnings results on Tuesday, November 18th. The company reported $2.93 EPS for the quarter, beating analysts’ consensus estimates of $2.54 by $0.39. Futu had a return on equity of 30.59% and a net margin of 47.11%.The company had revenue of $822.80 million during the quarter, compared to analysts’ expectations of $631.51 million. As a group, analysts anticipate that Futu Holdings Limited Sponsored ADR will post 4.94 earnings per share for the current year.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the business. Geneos Wealth Management Inc. purchased a new position in Futu in the first quarter valued at approximately $27,000. LFA Lugano Financial Advisors SA acquired a new position in Futu during the second quarter worth approximately $28,000. Cooper Investors PTY Ltd. acquired a new stake in shares of Futu in the third quarter valued at approximately $29,000. Hantz Financial Services Inc. grew its position in shares of Futu by 4,116.7% during the second quarter. Hantz Financial Services Inc. now owns 253 shares of the company’s stock worth $31,000 after acquiring an additional 247 shares during the last quarter. Finally, First Horizon Advisors Inc. acquired a new position in shares of Futu in the 2nd quarter valued at $35,000.
Futu Company Profile
Futu Holdings Ltd. is a technology-driven brokerage and wealth management company that provides online brokerage services, market data, and investment tools to retail and institutional clients. Headquartered in Hong Kong and listed on the NASDAQ under the ticker FUTU, the company operates digital trading platforms that combine order execution, real-time quotes, news, and research tools to serve active investors and wealth management customers.
The firm’s product suite includes brokerage access to equities, exchange-traded funds and derivatives across major markets, margin financing, initial public offering (IPO) subscription services, wealth management products and discretionary investment solutions.