Futu (NASDAQ:FUTU) Shares Gap Down – Here’s Why

Shares of Futu Holdings Limited (NASDAQ:FUTU) gapped down prior to trading on Friday . The stock had previously closed at $84.69, but opened at $81.68. Futu shares last traded at $82.18, with a volume of 900,402 shares traded.

Analysts Set New Price Targets

FUTU has been the topic of a number of research reports. Morgan Stanley raised Futu from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $70.00 to $115.00 in a report on Monday. Citigroup lowered shares of Futu from a “buy” rating to a “neutral” rating and raised their price target for the stock from $79.00 to $95.00 in a research report on Tuesday. Finally, Bank of America upped their price objective on shares of Futu from $80.20 to $90.00 and gave the company a “buy” rating in a report on Friday, September 27th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $85.07.

Futu Price Performance

The business’s fifty day simple moving average is $92.37 and its two-hundred day simple moving average is $75.56. The company has a market cap of $11.60 billion, a PE ratio of 20.76, a PEG ratio of 0.89 and a beta of 0.75.

Futu (NASDAQ:FUTU) last posted its quarterly earnings data on Tuesday, August 20th. The company reported $1.11 earnings per share for the quarter. The company had revenue of $400.73 million during the quarter. Futu had a net margin of 38.59% and a return on equity of 17.33%. As a group, analysts predict that Futu Holdings Limited will post 4.81 EPS for the current year.

Institutional Investors Weigh In On Futu

Several large investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its stake in shares of Futu by 14.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 877 shares of the company’s stock worth $84,000 after acquiring an additional 112 shares during the last quarter. CIBC Asset Management Inc boosted its stake in Futu by 4.3% during the 3rd quarter. CIBC Asset Management Inc now owns 5,403 shares of the company’s stock worth $517,000 after purchasing an additional 222 shares during the last quarter. DekaBank Deutsche Girozentrale grew its holdings in shares of Futu by 3.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 7,346 shares of the company’s stock worth $394,000 after buying an additional 230 shares in the last quarter. Signaturefd LLC raised its position in shares of Futu by 8.4% in the second quarter. Signaturefd LLC now owns 3,205 shares of the company’s stock valued at $210,000 after buying an additional 247 shares during the last quarter. Finally, CWM LLC lifted its stake in shares of Futu by 67.7% in the third quarter. CWM LLC now owns 743 shares of the company’s stock worth $71,000 after buying an additional 300 shares in the last quarter.

About Futu

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.