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

Futu Holdings Limited (NASDAQ:FUTU) gapped down before the market opened 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.

Wall Street Analyst Weigh In

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

Futu Trading Down 2.5 %

The stock has a market cap of $14.66 billion, a P/E ratio of 26.07, a price-to-earnings-growth ratio of 0.79 and a beta of 0.78. The stock’s fifty day moving average price is $104.81 and its 200 day moving average price is $92.76.

Institutional Investors Weigh In On Futu

Several institutional investors have recently added to or reduced their stakes in FUTU. Smartleaf Asset Management LLC boosted its stake in shares of Futu by 1,245.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 444 shares of the company’s stock valued at $36,000 after purchasing an additional 411 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Futu by 77.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 452 shares of the company’s stock valued at $36,000 after purchasing an additional 197 shares in the last quarter. Rakuten Securities Inc. boosted its stake in shares of Futu by 239.8% during the 4th quarter. Rakuten Securities Inc. now owns 683 shares of the company’s stock valued at $55,000 after purchasing an additional 482 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Futu during the 4th quarter valued at about $60,000. Finally, Assetmark Inc. lifted its position in Futu by 15,200.0% during the 4th quarter. Assetmark Inc. now owns 765 shares of the company’s stock valued at $61,000 after acquiring an additional 760 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.