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

Futu Holdings Limited (NASDAQ:FUTU) gapped up before the market opened on Wednesday . The stock had previously closed at $104.58, but opened at $112.68. Futu shares last traded at $114.01, with a volume of 1,735,343 shares.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Citigroup lowered Futu from a “buy” rating to a “neutral” rating and raised their price objective 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 boosted their target price for the stock from $70.00 to $115.00 in a research report on Monday, November 18th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.40.

Futu Stock Up 9.7 %

The company’s fifty day simple moving average is $93.97 and its two-hundred day simple moving average is $86.81. The company has a market capitalization of $15.81 billion, a price-to-earnings ratio of 28.11, a price-to-earnings-growth ratio of 0.79 and a beta of 0.76.

Institutional Trading of Futu

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership purchased a new position in Futu during the 4th quarter valued at about $116,315,000. Point72 Hong Kong Ltd increased its stake in shares of Futu by 170.6% during the fourth quarter. Point72 Hong Kong Ltd now owns 830,842 shares of the company’s stock valued at $66,459,000 after purchasing an additional 523,808 shares in the last quarter. Norges Bank bought a new position in Futu during the fourth quarter valued at approximately $39,163,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Futu by 502.2% during the 3rd 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 during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Futu in the third quarter worth about $39,943,000.

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.