Futu (NASDAQ:FUTU) Stock Price Up 6% - Here's Why

Futu Holdings Limited (NASDAQ:FUTU - Get Free Report) was up 6% during mid-day trading on Thursday . The stock traded as high as $113.50 and last traded at $113.95. Approximately 784,103 shares changed hands during trading, a decline of 69% from the average daily volume of 2,541,521 shares. The stock had previously closed at $107.51.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on FUTU shares. JPMorgan Chase & Co. boosted their target price on shares of Futu from $160.00 to $170.00 and gave the company an "overweight" rating in a research note on Friday, March 14th. UBS Group boosted their price objective on shares of Futu from $130.00 to $136.00 and gave the company a "buy" rating in a research report on Monday, March 17th. One research 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 $121.20.

Futu Trading Down 1.2 %

The stock has a fifty day moving average of $107.52 and a 200-day moving average of $94.91. The firm has a market capitalization of $14.10 billion, a price-to-earnings ratio of 25.09, a PEG ratio of 0.79 and a beta of 0.78.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in FUTU. Aspex Management HK Ltd increased its stake in Futu by 2.4% in the 3rd quarter. Aspex Management HK Ltd now owns 4,553,023 shares of the company's stock valued at $435,497,000 after buying an additional 108,219 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Futu during the fourth quarter worth $116,315,000. Hhlr Advisors LTD. boosted its position in Futu by 6.4% during the fourth quarter. Hhlr Advisors LTD. now owns 1,118,303 shares of the company's stock valued at $89,453,000 after purchasing an additional 67,214 shares during the last quarter. Point72 Hong Kong Ltd grew its stake in Futu by 170.6% in the fourth quarter. Point72 Hong Kong Ltd now owns 830,842 shares of the company's stock valued at $66,459,000 after purchasing an additional 523,808 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Futu by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 567,635 shares of the company's stock worth $44,890,000 after purchasing an additional 21,686 shares during 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.