Futu (NASDAQ:FUTU) Shares Gap Up to $67.29

Shares of Futu Holdings Limited (NASDAQ:FUTU) gapped up prior to trading on Tuesday . The stock had previously closed at $67.29, but opened at $74.88. Futu shares last traded at $75.09, with a volume of 1,474,828 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on FUTU shares. JPMorgan Chase & Co. upgraded shares of Futu from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $62.00 to $92.00 in a research report on Tuesday, May 28th. Bank of America boosted their target price on Futu from $77.60 to $80.20 and gave the stock a “buy” rating in a report on Wednesday, August 21st. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Futu presently has an average rating of “Moderate Buy” and a consensus price target of $71.57.

Futu Stock Up 11.2 %

The stock has a market capitalization of $10.31 billion, a PE ratio of 19.87, a P/E/G ratio of 0.92 and a beta of 0.72. The stock’s 50-day moving average is $60.92 and its 200 day moving average is $64.10.

Futu (NASDAQ:FUTU) last announced its quarterly earnings results on Tuesday, August 20th. The company reported $1.11 EPS for the quarter. The business had revenue of $400.73 million during the quarter. Futu had a return on equity of 16.77% and a net margin of 39.27%. As a group, equities research analysts forecast that Futu Holdings Limited will post 4.51 EPS for the current year.

Hedge Funds Weigh In On Futu

Several hedge funds have recently bought and sold shares of the business. Creative Planning increased its position in Futu by 27.8% during the second quarter. Creative Planning now owns 13,253 shares of the company’s stock worth $869,000 after acquiring an additional 2,884 shares during the period. Scientech Research LLC acquired a new stake in Futu during the second quarter valued at approximately $220,000. MBB Public Markets I LLC bought a new stake in shares of Futu in the 2nd quarter valued at approximately $276,000. APG Asset Management N.V. bought a new stake in shares of Futu in the 2nd quarter valued at approximately $496,000. Finally, Point72 Hong Kong Ltd bought a new position in shares of Futu during the 2nd quarter worth approximately $6,133,000.

Futu Company Profile

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.