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

Futu Holdings Limited (NASDAQ:FUTU) gapped up prior to trading on Friday . The stock had previously closed at $89.71, but opened at $96.92. Futu shares last traded at $94.56, with a volume of 3,039,996 shares.

Analysts Set New Price Targets

Separately, Bank of America increased their price objective on shares of Futu from $80.20 to $90.00 and gave the company a “buy” rating in a research report on Friday, September 27th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Futu currently has a consensus rating of “Moderate Buy” and an average target price of $72.97.

Futu Stock Performance

The firm’s 50 day moving average is $75.87 and its 200-day moving average is $69.70. The stock has a market capitalization of $12.89 billion, a price-to-earnings ratio of 25.11, a PEG ratio of 1.65 and a beta of 0.74.

Futu (NASDAQ:FUTU) last issued its quarterly earnings data on Tuesday, August 20th. The company reported $1.11 earnings per share for the quarter. Futu had a net margin of 39.27% and a return on equity of 16.77%. The business had revenue of $400.73 million during the quarter. As a group, sell-side analysts forecast that Futu Holdings Limited will post 4.28 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Blue Trust Inc. grew its position in shares of Futu by 242.1% in the third quarter. Blue Trust Inc. now owns 8,889 shares of the company’s stock valued at $850,000 after purchasing an additional 6,291 shares during the period. Harbour Capital Advisors LLC acquired a new stake in Futu in the 3rd quarter worth about $356,000. Creative Planning increased its stake in Futu by 6.3% during the 3rd quarter. Creative Planning now owns 14,091 shares of the company’s stock worth $1,348,000 after buying an additional 838 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in shares of Futu during the third quarter valued at approximately $1,511,000. Finally, CWM LLC lifted its position in shares of Futu by 67.7% in the third quarter. CWM LLC now owns 743 shares of the company’s stock valued at $71,000 after acquiring an additional 300 shares in the last quarter.

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.