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

Shares of 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 trading hands.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FUTU. Morgan Stanley upgraded shares of Futu from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $70.00 to $115.00 in a research report on Monday, November 18th. Citigroup lowered shares of Futu from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $79.00 to $95.00 in a research note on Tuesday, November 19th. Finally, Bank of America lifted their target price on 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 given a buy rating to the company’s stock. According to data from MarketBeat, Futu has an average rating of “Moderate Buy” and an average price target of $87.33.

Futu Trading Up 3.3 %

The company’s 50-day moving average is $93.90 and its two-hundred day moving average is $75.91. The stock has a market capitalization of $11.93 billion, a P/E ratio of 20.53, a P/E/G ratio of 0.86 and a beta of 0.75.

Hedge Funds Weigh In On Futu

Hedge funds and other institutional investors have recently made changes to their positions in the business. Marshall Wace LLP raised its stake in Futu by 71.5% during the 2nd 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. E Fund Management Co. Ltd. acquired a new position in shares of Futu during the second quarter valued at $31,490,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Futu by 502.2% during 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 purchasing an additional 465,961 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Futu in the third quarter worth about $39,943,000. Finally, Veritas Asset Management LLP bought a new position in Futu in the 3rd quarter valued at about $39,547,000.

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.