Futu (NASDAQ:FUTU) Stock Price Down 4.9% - Here's What Happened

Shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Get Free Report) traded down 4.9% during mid-day trading on Friday . The stock traded as low as $117.80 and last traded at $116.21. 388,655 shares were traded during trading, a decline of 87% from the average session volume of 2,880,918 shares. The stock had previously closed at $122.16.

Analysts Set New Price Targets

Several analysts have commented on the company. JPMorgan Chase & Co. raised their price objective on Futu from $160.00 to $170.00 and gave the company an "overweight" rating in a report on Friday, March 14th. Bank of America increased their price objective on shares of Futu from $123.70 to $143.90 and gave the company a "buy" rating in a report on Wednesday, June 11th. Finally, UBS Group upped their price target on Futu from $130.00 to $136.00 and gave the company a "buy" rating in a research report on Monday, March 17th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $131.98.

Futu Stock Down 4.7%

The company's 50-day moving average is $102.38 and its 200-day moving average is $98.47. The stock has a market capitalization of $16.19 billion, a price-to-earnings ratio of 19.41, a PEG ratio of 0.97 and a beta of 0.58.

Futu (NASDAQ:FUTU - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The company reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.95 by $0.01. The business had revenue of $603.43 million during the quarter, compared to analysts' expectations of $594.86 million. Futu had a net margin of 41.74% and a return on equity of 23.07%. Sell-side analysts anticipate that Futu Holdings Limited Sponsored ADR will post 4.94 EPS for the current year.

Institutional Investors Weigh In On Futu

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FUTU. Hhlr Advisors LTD. grew its holdings in shares of Futu by 285.2% during the 1st quarter. Hhlr Advisors LTD. now owns 4,307,492 shares of the company's stock worth $440,872,000 after purchasing an additional 3,189,189 shares during the period. Greenwoods Asset Management Hong Kong Ltd. increased its position in shares of Futu by 48.2% during the first quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 1,901,635 shares of the company's stock valued at $194,632,000 after acquiring an additional 618,701 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Futu by 30.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,786,247 shares of the company's stock valued at $182,824,000 after acquiring an additional 417,620 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Futu in the 4th quarter valued at approximately $116,315,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Futu by 883.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 989,367 shares of the company's stock worth $101,262,000 after acquiring an additional 888,760 shares during the last quarter.

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.

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