Futu (NASDAQ:FUTU) Shares Gap Down to $112.85

Futu Holdings Limited (NASDAQ:FUTU)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $112.85, but opened at $108.29. Futu shares last traded at $116.28, with a volume of 2,683,338 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Bank of America lifted their target price on Futu from $80.20 to $90.00 and gave the company a “buy” rating in a research report on Friday, September 27th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $72.97.

Futu Stock Up 7.6 %

The company has a market cap of $16.73 billion, a P/E ratio of 31.61, a PEG ratio of 1.04 and a beta of 0.74. The business has a fifty day moving average price of $64.76 and a 200-day moving average price of $65.59.

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

Institutional Investors Weigh In On Futu

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. UniSuper Management Pty Ltd raised its position in Futu by 100.0% during the first quarter. UniSuper Management Pty Ltd now owns 800 shares of the company’s stock valued at $43,000 after purchasing an additional 400 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Futu during the second quarter valued at approximately $50,000. Barometer Capital Management Inc. acquired a new position in Futu during the fourth quarter valued at approximately $120,000. SG Americas Securities LLC acquired a new position in shares of Futu during the second quarter worth $123,000. Finally, Atlas Capital Advisors LLC bought a new position in shares of Futu in the 2nd quarter valued at $142,000.

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.