Futu (NASDAQ:FUTU) Shares Gap Down to $74.88

Futu Holdings Limited (NASDAQ:FUTU)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $74.88, but opened at $72.49. Futu shares last traded at $72.00, with a volume of 299,297 shares traded.

Analysts Set New Price Targets

FUTU has been the topic of several recent research reports. JPMorgan Chase & Co. raised Futu from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $62.00 to $92.00 in a report on Tuesday, May 28th. Bank of America increased their price objective on shares of Futu from $77.60 to $80.20 and gave the stock a “buy” rating in a research report on Wednesday, August 21st. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $71.57.

Futu Trading Down 0.2 %

The firm’s 50-day moving average price is $61.07 and its 200 day moving average price is $64.23. The company has a market cap of $10.30 billion, a price-to-earnings ratio of 19.26, a P/E/G ratio of 1.04 and a beta of 0.72.

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

Institutional Trading of Futu

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP boosted its holdings in Futu by 71.5% in the second quarter. Marshall Wace LLP now owns 1,521,314 shares of the company’s stock worth $99,813,000 after acquiring an additional 634,369 shares in the last quarter. Prudential PLC raised its position in shares of Futu by 23.2% during the fourth quarter. Prudential PLC now owns 597,476 shares of the company’s stock worth $32,640,000 after purchasing an additional 112,497 shares during the period. E Fund Management Co. Ltd. bought a new position in shares of Futu in the 2nd quarter worth $31,490,000. HCEP Management Ltd grew its position in Futu by 37.7% in the 4th quarter. HCEP Management Ltd now owns 400,000 shares of the company’s stock valued at $21,852,000 after purchasing an additional 109,499 shares during the period. Finally, National Bank of Canada FI increased its stake in Futu by 3,253,333.3% during the 2nd quarter. National Bank of Canada FI now owns 292,809 shares of the company’s stock valued at $18,790,000 after purchasing an additional 292,800 shares in 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.