Futu (NASDAQ:FUTU) Stock Price Up 4.2% - Here's What Happened

Shares of Futu Holdings Limited (NASDAQ:FUTU - Get Free Report) rose 4.2% during trading on Tuesday . The company traded as high as $86.45 and last traded at $85.94. Approximately 938,337 shares were traded during trading, a decline of 60% from the average daily volume of 2,370,639 shares. The stock had previously closed at $82.45.

Analyst Upgrades and Downgrades

Several equities analysts have commented on FUTU shares. Morgan Stanley upgraded shares of Futu from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $70.00 to $115.00 in a report on Monday, November 18th. Bank of America increased their price target on shares of Futu from $80.20 to $90.00 and gave the company a "buy" rating in a report on Friday, September 27th. Finally, Citigroup downgraded shares of Futu from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $79.00 to $95.00 in a research report on Tuesday, November 19th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $87.33.

Futu Trading Up 4.5 %

The stock's 50-day simple moving average is $92.21 and its 200-day simple moving average is $77.07. The stock has a market cap of $11.88 billion, a price-to-earnings ratio of 21.12, a price-to-earnings-growth ratio of 0.88 and a beta of 0.72.

Futu Announces Dividend

The business also recently announced a -- dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 6th will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, December 6th.

Institutional Investors Weigh In On Futu

Institutional investors and hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its position in shares of Futu by 14.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 877 shares of the company's stock worth $84,000 after buying an additional 112 shares during the last quarter. CIBC Asset Management Inc boosted its stake in shares of Futu by 4.3% in the 3rd quarter. CIBC Asset Management Inc now owns 5,403 shares of the company's stock valued at $517,000 after purchasing an additional 222 shares in the last quarter. Signaturefd LLC grew its holdings in shares of Futu by 8.4% during the 2nd quarter. Signaturefd LLC now owns 3,205 shares of the company's stock valued at $210,000 after purchasing an additional 247 shares during the last quarter. CWM LLC increased its position in Futu by 67.7% during the 3rd quarter. CWM LLC now owns 743 shares of the company's stock worth $71,000 after purchasing an additional 300 shares in the last quarter. Finally, Lifestyle Asset Management Inc. lifted its stake in Futu by 6.1% in the 3rd quarter. Lifestyle Asset Management Inc. now owns 5,373 shares of the company's stock valued at $514,000 after purchasing an additional 307 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.