Futu (NASDAQ:FUTU) Shares Gap Up – Here’s What Happened

Futu Holdings Limited (NASDAQ:FUTU)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $121.36, but opened at $127.32. Futu shares last traded at $124.45, with a volume of 1,789,102 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on FUTU shares. Morgan Stanley upgraded shares of Futu from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $70.00 to $115.00 in a research report on Monday, November 18th. Citigroup lowered Futu from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $79.00 to $95.00 in a research note on Tuesday, November 19th. One equities research 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, the stock has a consensus rating of “Moderate Buy” and an average target price of $91.40.

Futu Stock Up 1.4 %

The stock has a market cap of $16.95 billion, a P/E ratio of 30.04, a P/E/G ratio of 0.83 and a beta of 0.76. The company has a 50-day simple moving average of $91.64 and a two-hundred day simple moving average of $85.02.

Futu Dividend Announcement

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

Institutional Trading of Futu

A number of institutional investors have recently modified their holdings of the company. CWM LLC raised its position in Futu by 67.7% during the 3rd quarter. CWM LLC now owns 743 shares of the company’s stock valued at $71,000 after purchasing an additional 300 shares during the last quarter. Creative Planning boosted its stake in shares of Futu by 6.3% during the 3rd quarter. Creative Planning now owns 14,091 shares of the company’s stock valued at $1,348,000 after purchasing an additional 838 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Futu by 14.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 877 shares of the company’s stock valued at $84,000 after buying an additional 112 shares during the period. BOCHK Asset Management Ltd lifted its holdings in Futu by 23.3% in the third quarter. BOCHK Asset Management Ltd now owns 7,400 shares of the company’s stock worth $708,000 after buying an additional 1,400 shares during the period. Finally, abrdn plc lifted its holdings in shares of Futu by 8.4% during the third quarter. abrdn plc now owns 10,394 shares of the company’s stock valued at $994,000 after purchasing an additional 807 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.