Futu (NASDAQ:FUTU) Reaches New 1-Year High – Should You Buy?

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

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FUTU. Morgan Stanley raised shares of Futu from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $70.00 to $115.00 in a research report on Monday, November 18th. Citigroup downgraded shares of Futu from a “buy” rating to a “neutral” rating and raised their target price for the company from $79.00 to $95.00 in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $91.40.

Futu Trading Up 0.7 %

The stock has a market capitalization of $16.73 billion, a price-to-earnings ratio of 29.75, a price-to-earnings-growth ratio of 0.82 and a beta of 0.76. The firm has a 50-day moving average of $93.05 and a 200 day moving average of $85.73.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. CWM LLC increased its stake in Futu by 67.7% during the 3rd quarter. CWM LLC now owns 743 shares of the company’s stock worth $71,000 after buying an additional 300 shares during the period. Creative Planning grew its stake in shares of Futu by 6.3% during the third quarter. Creative Planning now owns 14,091 shares of the company’s stock valued at $1,348,000 after acquiring an additional 838 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Futu by 14.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 877 shares of the company’s stock worth $84,000 after acquiring an additional 112 shares in the last quarter. abrdn plc boosted its holdings in Futu by 8.4% in the third quarter. abrdn plc now owns 10,394 shares of the company’s stock valued at $994,000 after purchasing an additional 807 shares during the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. purchased a new position in Futu in the third quarter valued at about $271,000.

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.