Short Interest in Futu Holdings Limited (NASDAQ:FUTU) Decreases By 5.0%

Futu Holdings Limited (NASDAQ:FUTU - Get Free Report) saw a large decrease in short interest in the month of October. As of October 15th, there was short interest totalling 5,090,000 shares, a decrease of 5.0% from the September 30th total of 5,360,000 shares. Based on an average daily volume of 3,940,000 shares, the days-to-cover ratio is presently 1.3 days.

Institutional Investors Weigh In On Futu

A number of large investors have recently added to or reduced their stakes in the stock. Asset Management One Co. Ltd. lifted its position in shares of Futu by 10.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 29,592 shares of the company's stock valued at $2,830,000 after acquiring an additional 2,776 shares during the period. Veritas Asset Management LLP acquired a new position in Futu in the third quarter valued at about $39,547,000. Janney Montgomery Scott LLC lifted its position in Futu by 20.1% during the third quarter. Janney Montgomery Scott LLC now owns 9,841 shares of the company's stock worth $941,000 after purchasing an additional 1,650 shares during the period. Yong Rong HK Asset Management Ltd grew its stake in Futu by 2,525.3% during the third quarter. Yong Rong HK Asset Management Ltd now owns 393,800 shares of the company's stock worth $37,667,000 after buying an additional 378,800 shares in the last quarter. Finally, WT Asset Management Ltd bought a new position in Futu in the 3rd quarter valued at about $1,435,000.

Futu Stock Performance

FUTU traded down $1.15 on Thursday, reaching $94.99. The company had a trading volume of 2,196,313 shares, compared to its average volume of 2,285,963. The company's fifty day moving average is $82.35 and its 200 day moving average is $72.20. The stock has a market cap of $13.09 billion, a P/E ratio of 24.55, a P/E/G ratio of 0.97 and a beta of 0.74. Futu has a fifty-two week low of $43.61 and a fifty-two week high of $130.50.

Futu (NASDAQ:FUTU - Get Free Report) last released its quarterly earnings results on Tuesday, August 20th. The company reported $1.11 earnings per share (EPS) for the quarter. The business had revenue of $400.73 million during the quarter. Futu had a return on equity of 16.77% and a net margin of 39.27%. On average, sell-side analysts expect that Futu will post 4.78 EPS for the current year.

Analysts Set New Price Targets

Separately, Bank of America lifted their price target on 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 six have issued a buy rating to the stock. According to data from MarketBeat, Futu has a consensus rating of "Moderate Buy" and an average price target of $72.97.

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.