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

Futu Holdings Limited (NASDAQ:FUTU)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $121.36, but opened at $127.32. Futu shares last traded at $124.45, with a volume of 1,789,102 shares trading hands.

Analyst Ratings Changes

FUTU has been the topic of a number of recent analyst reports. Morgan Stanley raised Futu from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $70.00 to $115.00 in a research note on Monday, November 18th. Citigroup downgraded Futu from a “buy” rating to a “neutral” rating and upped their price target 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 issued a buy rating to the company. According to MarketBeat.com, Futu has a consensus rating of “Moderate Buy” and a consensus price target of $91.40.

Futu Trading Up 0.7 %

The business has a fifty day simple moving average of $93.05 and a 200 day simple moving average of $85.73. The stock has a market capitalization of $16.73 billion, a P/E ratio of 29.75, a price-to-earnings-growth ratio of 0.79 and a beta of 0.76.

Hedge Funds Weigh In On Futu

Institutional investors have recently modified their holdings of the business. Smartleaf Asset Management LLC grew its holdings in shares of Futu by 1,245.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 444 shares of the company’s stock valued at $36,000 after acquiring an additional 411 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Futu by 77.3% during the fourth 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 during the period. Rakuten Securities Inc. grew its holdings in Futu by 239.8% during the fourth quarter. Rakuten Securities Inc. now owns 683 shares of the company’s stock valued at $55,000 after purchasing an additional 482 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in Futu during the fourth quarter valued at $60,000. Finally, Assetmark Inc. grew its holdings in Futu by 15,200.0% during the fourth quarter. Assetmark Inc. now owns 765 shares of the company’s stock valued at $61,000 after purchasing an additional 760 shares during the period.

Futu Company Profile

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.