HomeTop MoversWhy Futu Holdings Limited (FUTU) stock is surging in pre-market on Wednesday?

Why Futu Holdings Limited (FUTU) stock is surging in pre-market on Wednesday?

Futu Holdings Limited (FUTU) shares surged 7.56% in pre-market on Wednesday, July 28, 2021, as of this writing. Yesterday in the after-hours session, FUTU’s stock lost 14.47%. The stock volume remained 17.91 million shares, which was higher than the average daily volume of 4.88 million shares within the past 50 days. FUTU shares have risen 232.01% over the last 12 months, and they have moved down 28.42% in the past week. Over the past three months, the stock has lost 32.65%, while over the past six months, it has declined.32%.

Let’s have a look at its recent news and developments.


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FUTU obtained a bbb rating

On June 3, 2021, Futu Holdings Limited obtained a “bbb” GCP (group credit profile) and a “BBB” investment grade long-term issuer credit rating from S&P Global Ratings.

The company became the first online brokerage in APAC to earn an international rating and the first Hong Kong-based broker to obtain a standalone investment grade issuer rating.

FUTU subsidiary launched Moomoo Ambassador

On June 1, 2021, Moomoo Inc which is an indirect, wholly-owned subsidiary of Futu Holdings Limited launched its new customer referral program, Moomoo Ambassador, for its stock investment platform, moomoo. Moomoo Ambassador further boosts the inclusivity and connectivity within the moomoo investing community.

FUTU exceptional growth in Singapore

On June 01, 2021, Futu Holdings Limited announced that the number of its paying clients in Singapore has surpassed 100,000.

On March 8, 2021, Futu officially launched its digital platform moomoo in Singapore and has been experiencing strong growth momentum since the beginning.

Recent financial results announcement

On May 19, 2021, Futu Holdings Limited reported its unaudited financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

  • The total number of users reached 14.2 million at the end of the first quarter of 2021.
  • Futu Holdings Limited reported total revenue of $283.6 million for Q1 2021 compared to HK$490.6 million in the first quarter of 2020.
  • In Q1 2021, the total gross profit was $226.6 million compared to HK$372.7 million in the first quarter of 2020.
  • Total operating expenses were $63.0 million compared toHK$196.5 million in the first quarter of 2020.
  • Non-GAAP adjusted net income was $151.7 million in Q1 2021 compared to HK$160.6 million in the first quarter of 2020.

Inauguration on MSCI Hong Kong Index

On May 27, 2021, Futu Holdings Limited stock was added to the MSCI Hong Kong Index.

The MSCI Hong Kong Index is compiled by MSCI, a leading provider of research-based indexes and analytics. It is designed to measure the performance of the Hong Kong market.

Conclusion

Well, as of this writing, there is no recent news or development to justify its pre-market surge on Wednesday. We are unable to predict how it will perform in the coming days.

 

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