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

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on FUTU shares. Citigroup cut shares of Futu from a “buy” rating to a “neutral” rating and increased their target price for the stock from $79.00 to $95.00 in a report on Tuesday, November 19th. Morgan Stanley upgraded shares of Futu from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $70.00 to $115.00 in a research note on Monday, November 18th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $91.40.

Futu Price Performance

The firm has a fifty day moving average of $93.05 and a 200 day moving average of $86.12. The stock has a market capitalization of $15.19 billion, a price-to-earnings ratio of 26.79, a price-to-earnings-growth ratio of 0.79 and a beta of 0.76.

Hedge Funds Weigh In On Futu

Several institutional investors and hedge funds have recently bought and sold shares of FUTU. Smartleaf Asset Management LLC raised its holdings in Futu by 1,245.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 444 shares of the company’s stock valued at $36,000 after buying an additional 411 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Futu by 77.3% in 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 in the last quarter. Rakuten Securities Inc. lifted its holdings in Futu by 239.8% during the 4th quarter. Rakuten Securities Inc. now owns 683 shares of the company’s stock worth $55,000 after buying an additional 482 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Futu in the fourth quarter worth $60,000. Finally, Assetmark Inc. increased its position in shares of Futu by 15,200.0% during the fourth quarter. Assetmark Inc. now owns 765 shares of the company’s stock worth $61,000 after acquiring 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.