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

Futu Holdings Limited (NASDAQ:FUTU)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $114.70, but opened at $110.40. Futu shares last traded at $110.29, with a volume of 733,425 shares.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. UBS Group lifted their target price on shares of Futu from $130.00 to $136.00 and gave the stock a “buy” rating in a report on Monday, March 17th. JPMorgan Chase & Co. boosted their price objective on shares of Futu from $160.00 to $170.00 and gave the company an “overweight” rating in a report on Friday, March 14th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $121.20.

Futu Stock Down 2.5 %

The firm’s fifty day moving average price is $104.81 and its two-hundred day moving average price is $92.76. The stock has a market capitalization of $14.66 billion, a PE ratio of 26.07, a PEG ratio of 0.79 and a beta of 0.78.

Institutional Trading of Futu

Several large investors have recently added to or reduced their stakes in the business. Aspex Management HK Ltd grew its position in Futu by 2.4% during the third quarter. Aspex Management HK Ltd now owns 4,553,023 shares of the company’s stock valued at $435,497,000 after buying an additional 108,219 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in Futu during the fourth quarter valued at $116,315,000. Hhlr Advisors LTD. raised its stake in Futu by 6.4% during the fourth quarter. Hhlr Advisors LTD. now owns 1,118,303 shares of the company’s stock valued at $89,453,000 after purchasing an additional 67,214 shares in the last quarter. Point72 Hong Kong Ltd raised its stake in Futu by 170.6% during the fourth quarter. Point72 Hong Kong Ltd now owns 830,842 shares of the company’s stock valued at $66,459,000 after purchasing an additional 523,808 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Futu by 4.0% in the fourth quarter. Geode Capital Management LLC now owns 567,635 shares of the company’s stock valued at $44,890,000 after acquiring an additional 21,686 shares during the period.

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.