Futu (NASDAQ:FUTU) Shares Gap Down – What’s Next?

Futu Holdings Limited (NASDAQ:FUTU) gapped down prior to trading on Monday . The stock had previously closed at $121.40, but opened at $116.34. Futu shares last traded at $105.27, with a volume of 2,499,931 shares changing hands.

Wall Street Analyst Weigh In

Several analysts recently issued reports on FUTU shares. Citigroup lowered Futu from a “buy” rating to a “neutral” rating and upped their target price for the stock from $79.00 to $95.00 in a report on Tuesday, November 19th. Morgan Stanley raised shares of Futu from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $70.00 to $115.00 in a research report on Monday, November 18th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $91.40.

Futu Price Performance

The firm has a 50-day moving average price of $93.97 and a 200 day moving average price of $86.81. The company has a market cap of $15.71 billion, a price-to-earnings ratio of 27.94, a P/E/G ratio of 0.79 and a beta of 0.76.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FUTU. Creative Planning raised its stake in Futu by 6.3% in the third quarter. Creative Planning now owns 14,091 shares of the company’s stock valued at $1,348,000 after purchasing an additional 838 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Futu by 14.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 877 shares of the company’s stock valued at $84,000 after purchasing an additional 112 shares during the last quarter. abrdn plc grew its stake in shares of Futu by 8.4% during the third quarter. abrdn plc now owns 10,394 shares of the company’s stock worth $994,000 after buying an additional 807 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of Futu during the 3rd quarter valued at $271,000. Finally, WT Asset Management Ltd acquired a new stake in shares of Futu during the third quarter valued at about $1,435,000.

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.