Futu (NASDAQ:FUTU) Shares Gap Up – Time to Buy?

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

Wall Street Analysts Forecast Growth

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

Futu Stock Performance

The company’s 50 day simple moving average is $94.80 and its two-hundred day simple moving average is $76.06. The stock has a market cap of $11.90 billion, a price-to-earnings ratio of 21.16, a price-to-earnings-growth ratio of 0.86 and a beta of 0.75.

Futu Announces Dividend

The company also recently disclosed a — dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 6th will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, December 6th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Aspex Management HK Ltd lifted its holdings in shares of Futu by 2.4% during the 3rd 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 last quarter. Marshall Wace LLP raised its position in Futu by 71.5% during the second quarter. Marshall Wace LLP now owns 1,521,314 shares of the company’s stock valued at $99,813,000 after acquiring an additional 634,369 shares in the last quarter. Hhlr Advisors LTD. lifted its stake in Futu by 46.8% in the third quarter. Hhlr Advisors LTD. now owns 1,051,089 shares of the company’s stock valued at $100,537,000 after acquiring an additional 335,000 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Futu by 502.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,746 shares of the company’s stock valued at $53,444,000 after acquiring an additional 465,961 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Futu by 3.3% in the third quarter. Geode Capital Management LLC now owns 545,949 shares of the company’s stock worth $51,475,000 after acquiring an additional 17,513 shares in the last quarter.

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.