Futu (NASDAQ:FUTU) Trading 7.3% Higher – Time to Buy?

Futu Holdings Limited (NASDAQ:FUTU) shares traded up 7.3% during mid-day trading on Monday . The stock traded as high as $89.37 and last traded at $86.29. 1,869,148 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 2,778,644 shares. The stock had previously closed at $80.39.

Analyst Upgrades and Downgrades

FUTU has been the topic of a number of research analyst reports. UBS Group increased their price objective on shares of Futu from $130.00 to $136.00 and gave the company a “buy” rating in a research note on Monday, March 17th. JPMorgan Chase & Co. lifted their price target on Futu from $160.00 to $170.00 and gave the stock an “overweight” rating in a research note on Friday, March 14th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $121.20.

Futu Price Performance

The stock’s fifty day simple moving average is $105.05 and its two-hundred day simple moving average is $96.33. The company has a market capitalization of $11.54 billion, a price-to-earnings ratio of 20.52, a PEG ratio of 0.79 and a beta of 0.67.

Hedge Funds Weigh In On Futu

A number of large investors have recently bought and sold shares of FUTU. GAMMA Investing LLC raised its position in shares of Futu by 11,542.7% during the 1st quarter. GAMMA Investing LLC now owns 90,580 shares of the company’s stock worth $9,271,000 after purchasing an additional 89,802 shares during the period. Versant Capital Management Inc lifted its stake in Futu by 2,723.1% in the first quarter. Versant Capital Management Inc now owns 1,101 shares of the company’s stock valued at $113,000 after buying an additional 1,062 shares during the last quarter. Wellington Management Group LLP bought a new stake in Futu in the fourth quarter valued at $250,000. California State Teachers Retirement System boosted its holdings in shares of Futu by 1.1% during the fourth quarter. California State Teachers Retirement System now owns 62,267 shares of the company’s stock valued at $4,981,000 after acquiring an additional 692 shares during the period. Finally, Lansforsakringar Fondforvaltning AB publ bought a new position in shares of Futu during the fourth quarter worth about $969,000.

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.