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

Futu Holdings Limited (NASDAQ:FUTU) gapped down prior to trading on Monday . The stock had previously closed at $121.40, but opened at $116.34. Futu shares last traded at $105.27, with a volume of 2,499,931 shares.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on FUTU shares. Citigroup lowered shares of Futu from a “buy” rating to a “neutral” rating and raised their price target for the company from $79.00 to $95.00 in a report on Tuesday, November 19th. Morgan Stanley upgraded Futu from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $70.00 to $115.00 in a research report on Monday, November 18th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Futu presently has a consensus rating of “Moderate Buy” and an average target price of $91.40.

Futu Trading Up 9.0 %

The company has a market cap of $15.71 billion, a price-to-earnings ratio of 27.94, a price-to-earnings-growth ratio of 0.79 and a beta of 0.76. The firm’s fifty day moving average price is $93.97 and its 200-day moving average price is $86.81.

Institutional Investors Weigh In On Futu

Several institutional investors have recently added to or reduced their stakes in FUTU. Mackenzie Financial Corp boosted its position in shares of Futu by 2.0% during the fourth quarter. Mackenzie Financial Corp now owns 4,475 shares of the company’s stock worth $358,000 after buying an additional 87 shares during the period. Allspring Global Investments Holdings LLC boosted its position in Futu by 14.6% during the 3rd 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. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Futu by 1.2% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,326 shares of the company’s stock worth $746,000 after acquiring an additional 113 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Futu by 0.6% during the 4th quarter. Rhumbline Advisers now owns 23,023 shares of the company’s stock worth $1,842,000 after acquiring an additional 144 shares in the last quarter. Finally, Vestcor Inc raised its holdings in shares of Futu by 19.2% in the fourth quarter. Vestcor Inc now owns 907 shares of the company’s stock valued at $73,000 after purchasing an additional 146 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.