Futu (NASDAQ:FUTU) Reaches New 12-Month High – Should You Buy?

Futu Holdings Limited (NASDAQ:FUTU) hit a new 52-week high on Saturday . The company traded as high as $130.88 and last traded at $121.40, with a volume of 4369566 shares traded. The stock had previously closed at $120.59.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Morgan Stanley upgraded shares of Futu from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $70.00 to $115.00 in a report on Monday, November 18th. Citigroup lowered shares of Futu from a “buy” rating to a “neutral” rating and boosted their target price for the company from $79.00 to $95.00 in a research note on Tuesday, November 19th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Futu has a consensus rating of “Moderate Buy” and a consensus price target of $91.40.

Futu Stock Performance

The company has a market cap of $16.73 billion, a P/E ratio of 29.75, a P/E/G ratio of 0.79 and a beta of 0.76. The firm’s fifty day moving average is $93.05 and its two-hundred day moving average is $86.12.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Aspex Management HK Ltd raised its position in shares of Futu by 2.4% during 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 in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in Futu in the 4th quarter worth about $116,315,000. Hhlr Advisors LTD. raised its position in Futu by 6.4% in the 4th quarter. Hhlr Advisors LTD. now owns 1,118,303 shares of the company’s stock worth $89,453,000 after purchasing an additional 67,214 shares during the period. Point72 Hong Kong Ltd raised its position in Futu by 170.6% in the 4th quarter. Point72 Hong Kong Ltd now owns 830,842 shares of the company’s stock worth $66,459,000 after purchasing an additional 523,808 shares during the period. Finally, Geode Capital Management LLC raised 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 period.

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.