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

Futu Holdings Limited (NASDAQ:FUTU)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $83.27, but opened at $92.87. Futu shares last traded at $99.58, with a volume of 3,058,702 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Citigroup lowered Futu from a “buy” rating to a “neutral” rating and lifted their price target for the company from $79.00 to $95.00 in a research 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 company from $70.00 to $115.00 in a report on Monday, November 18th. Finally, Bank of America upped their target price on shares of Futu from $80.20 to $90.00 and gave the stock a “buy” rating in a research report on Friday, September 27th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Futu currently has an average rating of “Moderate Buy” and a consensus price target of $87.33.

Futu Stock Performance

The stock has a 50-day moving average of $96.14 and a two-hundred day moving average of $76.47. The company has a market cap of $14.02 billion, a P/E ratio of 24.41, a price-to-earnings-growth ratio of 0.85 and a beta of 0.72.

Futu Announces Dividend

The business also recently declared a — dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 6th will be given a $2.00 dividend. The ex-dividend date of this dividend is Friday, December 6th.

Institutional Investors Weigh In On Futu

Institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC purchased a new stake in Futu during the 2nd quarter valued at $50,000. GAMMA Investing LLC lifted its holdings in shares of Futu by 181.5% during the third quarter. GAMMA Investing LLC now owns 594 shares of the company’s stock valued at $57,000 after purchasing an additional 383 shares in the last quarter. CWM LLC boosted its position in shares of Futu by 67.7% during the third quarter. CWM LLC now owns 743 shares of the company’s stock valued at $71,000 after buying an additional 300 shares during the last quarter. Venturi Wealth Management LLC bought a new stake in Futu in the 3rd quarter worth about $92,000. Finally, SG Americas Securities LLC purchased a new position in Futu in the 2nd quarter worth about $123,000.

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.