Futu Holdings Limited (NASDAQ:FUTU) Short Interest Down 5.0% in October

Futu Holdings Limited (NASDAQ:FUTU) was the recipient of a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 5,090,000 shares, a drop of 5.0% from the September 30th total of 5,360,000 shares. Based on an average trading volume of 3,940,000 shares, the short-interest ratio is currently 1.3 days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FUTU. Marshall Wace LLP boosted its holdings in shares of Futu by 71.5% in the 2nd quarter. Marshall Wace LLP now owns 1,521,314 shares of the company’s stock worth $99,813,000 after purchasing an additional 634,369 shares in the last quarter. E Fund Management Co. Ltd. purchased a new position in shares of Futu during the second quarter worth approximately $31,490,000. Veritas Asset Management LLP bought a new stake in shares of Futu in the 3rd quarter worth approximately $39,547,000. Yong Rong HK Asset Management Ltd boosted its stake in shares of Futu by 2,525.3% in the 3rd quarter. Yong Rong HK Asset Management Ltd now owns 393,800 shares of the company’s stock valued at $37,667,000 after purchasing an additional 378,800 shares in the last quarter. Finally, National Bank of Canada FI grew its holdings in shares of Futu by 3,253,333.3% during the 2nd quarter. National Bank of Canada FI now owns 292,809 shares of the company’s stock valued at $18,790,000 after purchasing an additional 292,800 shares during the last quarter.

Wall Street Analyst Weigh In

Separately, Bank of America boosted their price objective on Futu from $80.20 to $90.00 and gave the company a “buy” rating in a research note on Friday, September 27th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $72.97.

Futu Stock Down 2.1 %

Shares of NASDAQ FUTU opened at $96.14 on Thursday. The stock’s 50-day simple moving average is $81.70 and its two-hundred day simple moving average is $72.04. Futu has a twelve month low of $43.61 and a twelve month high of $130.50. The firm has a market capitalization of $13.25 billion, a P/E ratio of 24.84, a P/E/G ratio of 0.97 and a beta of 0.74.

Futu (NASDAQ:FUTU) last announced its earnings results on Tuesday, August 20th. The company reported $1.11 earnings per share for the quarter. Futu had a net margin of 39.27% and a return on equity of 16.77%. The business had revenue of $400.73 million for the quarter. As a group, research analysts anticipate that Futu will post 4.78 EPS for the current fiscal year.

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.