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Thursday, May 19, 2022

Futu Holdings Ltd. (FUTU) Stock Depicting Bullish Trend in Premarket, Here’s Why

Futu Holdings Ltd. (FUTU), an online brokerage platform, has surged 7.09% in the premarket trading session. Consequently, the stock was trading at $30.21 when last checked. During Thursday’s regular trading session, the stock plunged 15.87% to close the day at $28.21. The surge in premarket arrived following the announcement of financial results, which showed remarkable growth in the revenue of the company, causing a huge uptick in stock price.

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Q4 and FY 2021 Results

In the early hours of Friday, FUTU announced the results for the fourth quarter of the fiscal year 2021 as well as the full year 2021. The said periods ended on 31st December 2021. The total revenue during Q4 2021 stood at $205.5 million, an increase of 35.1% on a year-over-year basis. The total net income declined by 6.3% on a year-over-year basis and was estimated to be $64 million during the said quarter. The total revenue during the full year 2021 grew by 114.9% on a year-over-year basis to become $757.6 million. During the full year 2021, the net income stood at $360.3 million after increasing 112% on a year-over-year basis.

Share Repurchase Program

Alongside the financial results, FUTU also announced the share repurchase program. The company had repurchased $300 million American Depositary Shares in the open market transactions. The Board of Directors of the company also approved the new share repurchase program. Under the new program, the company could repurchase approximately $500 million worth of its American Depository Shares by the 31st of December 2021.

Comments from CEO of FUTU

Leaf Hua Li, Chairman and Chief Executive Officer of FUTU, commented that the company has delivered another strong performance during the fourth quarter as well as during the full year 2021. That is evident from the number of playing clients of the company, which grew more than 1.2 million during the quarter. That represents an increase of 140.8% on a year-over-year basis. The company hopes to take forward this momentum into upcoming quarters as well.

What’s Ahead for FUTU?

Looking ahead, analysts are holding a negative evaluation of the stock, the reason being that several technical indicators are pointing in a downward direction for the stock. Hence, FUTU is expected to decline in the next couple of weeks.

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