Futu (NASDAQ:FUTU) Stock Price Up 7.9% - Here's What Happened

Key Points

• Shares of Futu Holdings Limited (NASDAQ:FUTU) surged by 7.9% on Wednesday, reaching a last traded price of $180.36 amid a decline in trading volume.
• Analysts have upgraded their price targets for Futu, with JPMorgan increasing their target to $270.00 and Bank of America to $200.00, indicating a strong optimistic sentiment.
• Institutional investors have been actively increasing their stakes in Futu, with notable increases such as Hhlr Advisors expanding theirs by 285.2% during the first quarter.

Shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Get Free Report) rose 7.9% on Wednesday . The stock traded as high as $180.16 and last traded at $180.36. Approximately 1,826,705 shares were traded during mid-day trading, a decline of 31% from the average daily volume of 2,631,390 shares. The stock had previously closed at $167.09.

Analysts Set New Price Targets

FUTU has been the topic of several analyst reports. Daiwa America upgraded Futu to a "strong-buy" rating in a research note on Tuesday, August 12th. Dbs Bank upgraded Futu to a "moderate buy" rating in a research report on Thursday, September 4th. JPMorgan Chase & Co. increased their price target on Futu from $200.00 to $270.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Bank of America increased their price target on Futu from $172.00 to $200.00 and gave the stock a "buy" rating in a research report on Thursday, August 21st. Finally, Barclays increased their price target on Futu from $176.00 to $232.00 and gave the stock an "overweight" rating in a research report on Friday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $190.43.

Futu Stock Performance

The company has a market cap of $25.02 billion, a P/E ratio of 24.89, a PEG ratio of 0.74 and a beta of 0.57. The company has a fifty day moving average price of $171.86 and a two-hundred day moving average price of $129.33.

Institutional Investors Weigh In On Futu

A number of hedge funds and other institutional investors have recently made changes to their positions in FUTU. Hhlr Advisors LTD. grew its stake in shares of Futu by 285.2% in the first 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 last quarter. Trivest Advisors Ltd bought a new stake in shares of Futu in the first quarter worth $98,651,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Futu by 883.4% in the first 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 purchasing an additional 888,760 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Futu by 113.9% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,544,025 shares of the company's stock worth $190,826,000 after purchasing an additional 822,343 shares during the last quarter. Finally, Yong Rong HK Asset Management Ltd bought a new stake in shares of Futu in the first quarter worth $77,172,000.

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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