Futu (NASDAQ:FUTU) Shares Down 3% - Here's Why

Shares of Futu Holdings Limited (NASDAQ:FUTU - Get Free Report) dropped 3% on Friday . The company traded as low as $103.85 and last traded at $104.33. Approximately 505,027 shares were traded during trading, a decline of 82% from the average daily volume of 2,863,117 shares. The stock had previously closed at $107.58.

Analysts Set New Price Targets

FUTU has been the topic of a number of research analyst reports. UBS Group raised their price objective on shares of Futu from $130.00 to $136.00 and gave the stock a "buy" rating in a report on Monday, March 17th. JPMorgan Chase & Co. raised their price objective on shares of Futu from $160.00 to $170.00 and gave the stock an "overweight" rating in a report on Friday, March 14th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $121.20.

Futu Stock Up 2.7%

The company has a market cap of $15.16 billion, a price-to-earnings ratio of 26.71, a PEG ratio of 0.79 and a beta of 0.58. The business's fifty day simple moving average is $96.44 and its two-hundred day simple moving average is $96.71.

Futu (NASDAQ:FUTU - Get Free Report) last announced its earnings results on Thursday, May 29th. The company reported $1.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.95 by $0.01. The business had revenue of $603.43 million for the quarter, compared to analyst estimates of $594.86 million. Futu had a net margin of 38.59% and a return on equity of 16.86%. Sell-side analysts predict that Futu Holdings Limited will post 4.94 EPS for the current fiscal year.

Hedge Funds Weigh In On Futu

Hedge funds have recently modified their holdings of the business. Atlas Capital Advisors Inc. purchased a new position in shares of Futu during the first quarter worth approximately $26,000. Geneos Wealth Management Inc. purchased a new position in shares of Futu during the first quarter worth approximately $27,000. Allianz SE purchased a new position in shares of Futu during the first quarter worth approximately $30,000. SVB Wealth LLC purchased a new position in shares of Futu during the first quarter worth approximately $40,000. Finally, Smartleaf Asset Management LLC grew its position in shares of Futu by 1,245.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 444 shares of the company's stock worth $36,000 after acquiring an additional 411 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.