Futu (NASDAQ:FUTU) Shares Gap Down – Here’s What Happened

Futu Holdings Limited (NASDAQ:FUTU)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $121.40, but opened at $116.34. Futu shares last traded at $105.27, with a volume of 2,499,931 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FUTU. Morgan Stanley raised shares of Futu from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $70.00 to $115.00 in a report on Monday, November 18th. Citigroup downgraded Futu from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $79.00 to $95.00 in a research note on Tuesday, November 19th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $91.40.

Futu Trading Down 9.2 %

The business has a 50-day moving average price of $93.05 and a 200 day moving average price of $86.12. The stock has a market capitalization of $15.19 billion, a P/E ratio of 26.79, a P/E/G ratio of 0.79 and a beta of 0.76.

Institutional Trading of Futu

Large investors have recently made changes to their positions in the business. CWM LLC increased its position in Futu by 67.7% during the third quarter. CWM LLC now owns 743 shares of the company’s stock valued at $71,000 after acquiring an additional 300 shares during the last quarter. Creative Planning lifted its stake in Futu by 6.3% in the third quarter. Creative Planning now owns 14,091 shares of the company’s stock worth $1,348,000 after purchasing an additional 838 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Futu by 14.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 877 shares of the company’s stock worth $84,000 after buying an additional 112 shares during the period. abrdn plc boosted its holdings in Futu by 8.4% during the 3rd quarter. abrdn plc now owns 10,394 shares of the company’s stock valued at $994,000 after acquiring an additional 807 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. bought a new position in Futu in the 3rd quarter valued at $271,000.

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.