Futu (NASDAQ:FUTU) Sees Strong Trading Volume - Here's Why

Shares of Futu Holdings Limited (NASDAQ:FUTU - Get Free Report) saw unusually-high trading volume on Friday . Approximately 1,302,016 shares traded hands during mid-day trading, a decline of 15% from the previous session's volume of 1,532,328 shares.The stock last traded at $87.89 and had previously closed at $80.40.

Wall Street Analyst Weigh In

FUTU has been the topic of several research analyst reports. Morgan Stanley raised shares of Futu from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $70.00 to $115.00 in a report on Monday, November 18th. Citigroup cut shares of Futu from a "buy" rating to a "neutral" rating and increased their price target for the company from $79.00 to $95.00 in a report on Tuesday, November 19th. Finally, Bank of America raised their target price on shares of Futu from $80.20 to $90.00 and gave the stock a "buy" rating in a report on Friday, September 27th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $91.40.

Futu Stock Up 8.9 %

The company's fifty day moving average price is $84.83 and its 200 day moving average price is $78.72. The company has a market capitalization of $12.06 billion, a P/E ratio of 21.45, a PEG ratio of 0.60 and a beta of 0.75.

Futu Announces Dividend

The company also recently disclosed a -- dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 6th were paid a $2.00 dividend. The ex-dividend date of this dividend was Friday, December 6th.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Aspex Management HK Ltd increased its stake in Futu by 2.4% in the third quarter. Aspex Management HK Ltd now owns 4,553,023 shares of the company's stock valued at $435,497,000 after acquiring an additional 108,219 shares during the last quarter. Marshall Wace LLP boosted its position in Futu by 71.5% in the second quarter. Marshall Wace LLP now owns 1,521,314 shares of the company's stock valued at $99,813,000 after buying an additional 634,369 shares in the last quarter. Hhlr Advisors LTD. boosted its position in Futu by 46.8% in the third quarter. Hhlr Advisors LTD. now owns 1,051,089 shares of the company's stock valued at $100,537,000 after buying an additional 335,000 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Futu by 502.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,746 shares of the company's stock valued at $53,444,000 after buying an additional 465,961 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Futu by 3.3% in the third quarter. Geode Capital Management LLC now owns 545,949 shares of the company's stock valued at $51,475,000 after buying an additional 17,513 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.