Futu (NASDAQ:FUTU) Stock Price Down 3% - Here's What Happened

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

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FUTU. UBS Group increased their price objective on Futu from $130.00 to $136.00 and gave the stock a "buy" rating in a research report on Monday, March 17th. 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. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $121.20.

Futu Stock Down 3.6%

The company's 50 day moving average price is $96.38 and its 200-day moving average price is $96.44. The stock has a market cap of $14.43 billion, a P/E ratio of 25.44, a P/E/G ratio of 0.79 and a beta of 0.67.

Futu (NASDAQ:FUTU - Get Free Report) last posted its quarterly earnings data on Thursday, May 29th. The company reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.01. The company had revenue of $603.43 million during the quarter, compared to analysts' expectations of $594.86 million. Futu had a net margin of 38.59% and a return on equity of 16.86%. Equities research analysts anticipate that Futu Holdings Limited will post 4.94 earnings per share for the current year.

Hedge Funds Weigh In On Futu

Several institutional investors have recently bought and sold shares of FUTU. Atlas Capital Advisors Inc. purchased a new position in Futu during the 1st quarter valued at about $26,000. Geneos Wealth Management Inc. purchased a new stake in Futu in the 1st quarter worth approximately $27,000. Allianz SE bought a new position in Futu in the 1st quarter valued at $30,000. Smartleaf Asset Management LLC grew its position in shares of Futu by 1,245.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 444 shares of the company's stock valued at $36,000 after purchasing an additional 411 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Futu by 77.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 452 shares of the company's stock valued at $36,000 after purchasing an additional 197 shares in 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.

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