Futu (NASDAQ:FUTU) Shares Gap Down – Time to Sell?

Futu Holdings Limited (NASDAQ:FUTU)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $91.33, but opened at $89.00. Futu shares last traded at $90.20, with a volume of 558,276 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Bank of America raised their price target on Futu from $80.20 to $90.00 and gave the stock a “buy” rating in a research report on Friday, September 27th. Citigroup lowered shares of Futu from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $79.00 to $95.00 in a research note on Tuesday, November 19th. Finally, Morgan Stanley upgraded shares of Futu from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $70.00 to $115.00 in a report on Monday, November 18th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $91.40.

Futu Trading Up 3.6 %

The company has a market cap of $12.74 billion, a PE ratio of 22.66, a P/E/G ratio of 0.71 and a beta of 0.75. The company has a fifty day simple moving average of $84.55 and a two-hundred day simple moving average of $79.32.

Futu Announces Dividend

The company also recently announced a — dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 6th were paid a dividend of $2.00 per share. The ex-dividend date was Friday, December 6th.

Institutional Investors Weigh In On Futu

A number of large investors have recently modified their holdings of FUTU. GAMMA Investing LLC lifted its position in shares of Futu by 181.5% during the 3rd quarter. GAMMA Investing LLC now owns 594 shares of the company’s stock worth $57,000 after purchasing an additional 383 shares during the last quarter. CWM LLC lifted its holdings in Futu by 67.7% during the 3rd quarter. CWM LLC now owns 743 shares of the company’s stock worth $71,000 after buying an additional 300 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Futu by 14.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 877 shares of the company’s stock worth $84,000 after buying an additional 112 shares during the last quarter. Venturi Wealth Management LLC acquired a new position in shares of Futu during the 3rd quarter worth about $92,000. Finally, Janus Henderson Group PLC purchased a new position in shares of Futu in the 3rd quarter valued at about $201,000.

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.