Futu (NASDAQ:FUTU) Shares Gap Up Following Analyst Upgrade

Futu Holdings Limited (NASDAQ:FUTUGet Free Report)’s share price gapped up prior to trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $160.00 to $170.00. The stock had previously closed at $107.52, but opened at $112.99. JPMorgan Chase & Co. currently has an overweight rating on the stock. Futu shares last traded at $118.73, with a volume of 2,426,029 shares.

A number of other brokerages have also recently commented on FUTU. Citigroup cut Futu from a “buy” rating to a “neutral” rating and raised their target price for the stock from $79.00 to $95.00 in a report on Tuesday, November 19th. Morgan Stanley raised Futu from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $70.00 to $115.00 in a report on Monday, November 18th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $107.00.

View Our Latest Report on Futu

Institutional Investors Weigh In On Futu

A number of institutional investors and hedge funds have recently bought and sold shares of FUTU. Janney Montgomery Scott LLC increased its holdings in shares of Futu by 20.1% in the third quarter. Janney Montgomery Scott LLC now owns 9,841 shares of the company’s stock worth $941,000 after purchasing an additional 1,650 shares during the last quarter. Crossmark Global Holdings Inc. bought a new stake in shares of Futu in the third quarter worth about $346,000. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Futu by 14.8% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 117,561 shares of the company’s stock worth $11,245,000 after purchasing an additional 15,127 shares during the last quarter. CIBC Asset Management Inc increased its holdings in shares of Futu by 4.3% in the third 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. Finally, Central Asset Investments & Management Holdings HK Ltd bought a new stake in shares of Futu in the third quarter worth about $7,652,000.

Futu Stock Up 10.2 %

The company has a fifty day moving average price of $101.39 and a 200-day moving average price of $91.20. The stock has a market capitalization of $16.32 billion, a P/E ratio of 29.04, a PEG ratio of 0.79 and a beta of 0.78.

About Futu

(Get Free Report)

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.

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