Futu (NASDAQ:FUTU) Shares Gap Down to $67.54

Shares of Futu Holdings Limited (NASDAQ:FUTU) gapped down before the market opened on Thursday . The stock had previously closed at $67.54, but opened at $66.00. Futu shares last traded at $65.67, with a volume of 295,121 shares changing hands.

Analyst Ratings Changes

Several research firms have recently weighed in on FUTU. Citigroup reduced their price objective on Futu from $76.90 to $75.30 and set a “buy” rating for the company in a research note on Friday, March 15th. CLSA raised Futu from an “underperform” rating to an “outperform” rating and raised their target price for the stock from $50.00 to $65.00 in a research report on Monday, March 18th. Bank of America raised their target price on Futu from $81.00 to $85.80 and gave the stock a “buy” rating in a research report on Wednesday, May 29th. Finally, JPMorgan Chase & Co. upgraded Futu from a “neutral” rating to an “overweight” rating and raised their target price for the company from $62.00 to $92.00 in a report on Tuesday, May 28th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $72.37.

Futu Price Performance

The business has a 50 day moving average price of $71.06 and a 200 day moving average price of $59.00.

Futu (NASDAQ:FUTU) last released its earnings results on Tuesday, May 28th. The company reported $0.95 earnings per share for the quarter. Futu had a return on equity of 17.16% and a net margin of 40.86%. The business had revenue of $331.27 million for the quarter. During the same period last year, the business earned $1.08 earnings per share. On average, research analysts predict that Futu Holdings Limited will post 4.68 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. UniSuper Management Pty Ltd raised its position in Futu by 100.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 800 shares of the company’s stock worth $43,000 after purchasing an additional 400 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Futu during the 4th quarter valued at $44,000. Advisors Preferred LLC bought a new stake in shares of Futu during the 4th quarter valued at $53,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Futu during the 1st quarter valued at $65,000. Finally, Barometer Capital Management Inc. bought a new stake in shares of Futu during the 4th quarter valued at $120,000.

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.