Futu (NASDAQ:FUTU) Shares Gap Up After Analyst Upgrade

Futu Holdings Limited (NASDAQ:FUTU)’s stock price gapped up before the market opened on Friday after JPMorgan Chase & Co. raised their price target on the stock from $160.00 to $170.00. The stock had previously closed at $107.52, but opened at $112.99. JPMorgan Chase & Co. currently has an overweight rating on the stock. Futu shares last traded at $118.73, with a volume of 2,426,029 shares changing hands.

A number of other research firms also recently weighed in on FUTU. Citigroup lowered Futu from a “buy” rating to a “neutral” rating and boosted their price target for the company from $79.00 to $95.00 in a research note on Tuesday, November 19th. Morgan Stanley upgraded shares of Futu from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $70.00 to $115.00 in a research note on Monday, November 18th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Futu currently has an average rating of “Moderate Buy” and an average price target of $107.00.

Institutional Investors Weigh In On Futu

Several institutional investors have recently bought and sold shares of FUTU. Aspex Management HK Ltd lifted its position in shares of Futu by 2.4% in the third quarter. Aspex Management HK Ltd now owns 4,553,023 shares of the company’s stock worth $435,497,000 after purchasing an additional 108,219 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in Futu during the 4th quarter worth about $116,315,000. Hhlr Advisors LTD. boosted its stake in shares of Futu by 6.4% during the 4th quarter. Hhlr Advisors LTD. now owns 1,118,303 shares of the company’s stock worth $89,453,000 after buying an additional 67,214 shares during the last quarter. Point72 Hong Kong Ltd grew its holdings in shares of Futu by 170.6% in the 4th quarter. Point72 Hong Kong Ltd now owns 830,842 shares of the company’s stock valued at $66,459,000 after acquiring an additional 523,808 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Futu by 4.0% in the fourth quarter. Geode Capital Management LLC now owns 567,635 shares of the company’s stock valued at $44,890,000 after acquiring an additional 21,686 shares during the last quarter.

Futu Price Performance

The business has a 50-day moving average of $100.63 and a 200-day moving average of $90.60. The firm has a market cap of $16.02 billion, a price-to-earnings ratio of 28.47, a P/E/G ratio of 0.79 and a beta of 0.78.

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.