Futu (NASDAQ:FUTU) Shares Gap Up – Still a Buy?

Futu Holdings Limited (NASDAQ:FUTU) gapped up prior to trading on Wednesday . The stock had previously closed at $83.76, but opened at $87.99. Futu shares last traded at $87.99, with a volume of 183,211 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have commented on FUTU. Citigroup cut Futu from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $79.00 to $95.00 in a research note on Tuesday, November 19th. Bank of America boosted their price target on Futu from $80.20 to $90.00 and gave the stock a “buy” rating in a research report on Friday, September 27th. Finally, Morgan Stanley raised shares of Futu from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $70.00 to $115.00 in a research report on Monday, November 18th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Futu has a consensus rating of “Moderate Buy” and an average price target of $87.33.

Futu Price Performance

The business has a fifty day moving average of $93.90 and a 200 day moving average of $75.91. The stock has a market cap of $11.93 billion, a PE ratio of 20.53, a P/E/G ratio of 0.86 and a beta of 0.75.

Institutional Trading of Futu

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC acquired a new position in Futu during the 2nd quarter worth $50,000. GAMMA Investing LLC grew its stake in Futu by 181.5% in the third quarter. GAMMA Investing LLC now owns 594 shares of the company’s stock worth $57,000 after purchasing an additional 383 shares in the last quarter. CWM LLC increased its holdings in Futu by 67.7% in the third quarter. CWM LLC now owns 743 shares of the company’s stock valued at $71,000 after buying an additional 300 shares during the last quarter. Venturi Wealth Management LLC acquired a new stake in Futu during the third quarter valued at approximately $92,000. Finally, SG Americas Securities LLC bought a new position in Futu during the 2nd quarter worth approximately $123,000.

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.