Futu (NASDAQ:FUTU) Shares Gap Down – Should You Sell?

Futu Holdings Limited (NASDAQ:FUTU)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $91.33, but opened at $89.00. Futu shares last traded at $90.20, with a volume of 558,276 shares.

Analysts Set New Price Targets

Several brokerages recently issued reports on FUTU. Morgan Stanley upgraded shares of Futu from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $70.00 to $115.00 in a research note on Monday, November 18th. Bank of America increased their price target on Futu from $80.20 to $90.00 and gave the company a “buy” rating in a research note on Friday, September 27th. Finally, Citigroup downgraded shares of Futu from a “buy” rating to a “neutral” rating and upped their price objective for the company from $79.00 to $95.00 in a report on Tuesday, November 19th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Futu presently has an average rating of “Moderate Buy” and a consensus target price of $91.40.

Futu Trading Down 1.7 %

The stock has a market capitalization of $12.37 billion, a P/E ratio of 22.01, a P/E/G ratio of 0.69 and a beta of 0.75. The business has a 50-day moving average price of $84.50 and a two-hundred day moving average price of $79.16.

Futu Dividend Announcement

The company also recently disclosed a — dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 6th were paid a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, December 6th.

Institutional Trading of Futu

Several large investors have recently made changes to their positions in the company. Marshall Wace LLP boosted its holdings in shares of Futu by 71.5% in the 2nd quarter. Marshall Wace LLP now owns 1,521,314 shares of the company’s stock valued at $99,813,000 after purchasing an additional 634,369 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Futu by 502.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,746 shares of the company’s stock valued at $53,444,000 after buying an additional 465,961 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Futu in the third quarter valued at about $39,943,000. Veritas Asset Management LLP acquired a new position in Futu during the third quarter worth about $39,547,000. Finally, Yong Rong HK Asset Management Ltd lifted its holdings in shares of Futu by 2,525.3% in the third quarter. Yong Rong HK Asset Management Ltd now owns 393,800 shares of the company’s stock worth $37,667,000 after acquiring an additional 378,800 shares during 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.