The stock of Futu Holdings Limited (NASDAQ:FUTU) is now priced at $35.4 and the shares are 1.49 points up or 4.39% higher compared to its previous closing price of $33.91. The stock had 3 million contracts set over the past session. FUTU shares’ daily volume is compared to its average trading volume at 1.127 million shares. However, it has a float of 42.31 million and although its performance was 4.12% over the week, it’s one to watch. Analysts have given the FUTU stock a yearly average price target of $24.98 per share. It means the stock’s downside potential is -29.44% with the FUTU share price recently placing at $33.25 to $36.58. However, some brokerage firms have priced the stock below the average, including one that has called $100.77.
The shorts are climbing into the Futu Holdings Limited stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the FUTU shares have risen. Short interest in the stock represents just 2.81% of its float, but the volume has raised by 432682. The volume of shorted shares rised to 1.189 million from 756299 shares over the last two weeks. The average intraday trading volume has been 1.026 million shares, which means that days to cover moved to roughly 1.158608.
In the last trading session, Futu Holdings Limited (NASDAQ:FUTU) raised by $1.4 over the week and gained $5.69 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $40.99. The stock recorded its established 52-week high on 08/06/20.
Since 03/23/20, the stock has traded to a low of $8.16 at 333.82%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Futu Holdings Limited’s two-week RSI is 59.55. This suggests that the stock is neutral at the moment and that FUTU shares’ price movement remains stable. The stochastic readings are equally revealing at 35.29% meaning the FUTU share price is currently in neutral territory.
The technical chart shows that the FUTU stock will likely settle at between $36.9 and $38.41 per share. However, if the stock dips below $33.57, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $31.75.
Currently, the stock is trading in the red of MACD, with a reading of -0.73. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
The average rating for the FUTU equity is 2.25 and is currently gathering a bullish momentum. Of 6 analysts tracking Futu Holdings Limited polled by Reuters, 2 rated FUTU as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (4) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the FUTU stock price is 31.05X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 76.2 above the group’s average of 14.8. Futu Holdings Limited has its P/E ratio at 11.7, which means that the stock is currently trading at a premium relative to the 1.5 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Futu Holdings Limited (NASDAQ:FUTU) will decrease by about -99.91%, which will see them reach $59.77 million. The company’s full-year revenues are, however, expected to increase by about 115.54%, up from $137 million to $295 million. FUTU’s expected adjusted earnings should surge almost 250% to end up at $0.07 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 280% to record $0.76/share.