Why Futu Holdings Limited (FUTU) Skyrocketed on Friday

We recently compiled a list of the Why These 10 Stocks Were Skyrocketing on Friday. In this article, we are going to take a look at where Futu Holdings Limited (NASDAQ:FUTU) stands against the other stocks that were skyrocketing on Friday.

Wall Street saw a strong trading session on Friday, with all major indices finishing firmly in the green ahead of President-elect Donald Trump’s return to office.

The Dow edged higher by 0.78 percent, while the S&P rallied 1 percent. Nasdaq, for its part, jumped 1.51 percent.

Ten companies—predominantly Bitcoin miners—were among the day’s standout performers, posting significant gains amid growing optimism in the broader cryptocurrency market, thanks to Trump’s commitment to supporting the sector.

To come up with Friday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A brokerage employee huddled with a group of retirees discussing retirement portfolios.

Futu Holdings Limited (NASDAQ:FUTU)

Financial technology firm Futu Holdings Limited (NASDAQ:FUTU) grew its share prices by 8.87 percent on Friday—a second consecutive day—to close at $87.53 apiece after the company’s online trading platform, Moo Moo, sealed a partnership with The BlackRock Foundation for a $1-million research initiative aimed at studying new retail investors.

The research initiative, called The Investor Diaries, will study retail investors who entered the capital markets in 2020, focusing on those earning low to moderate incomes.

The project will track investors through voice diary entries, a national survey, and analysis of transaction data.

According to reports, new brokerage accounts hit 46 million from 2020 to 2021, an 80 percent increase over two years, with more than 75 percent of the investors remaining active today.

Overall FUTU ranks 5th on our list of the top-performing stocks from Friday’s session. While we acknowledge the potential of FUTU as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than FUTU but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

Disclosure: None. This article is originally published at Insider Monkey.