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

Futu Holdings Limited (NASDAQ:FUTU)’s share price gapped down prior to trading on Monday . The stock had previously closed at $86.54, but opened at $84.00. Futu shares last traded at $84.00, with a volume of 284,239 shares changing hands.

Analyst Ratings Changes

FUTU has been the subject of a number of research reports. Bank of America upped their price target on Futu from $80.20 to $90.00 and gave the stock a “buy” rating in a research note on Friday, September 27th. Citigroup lowered Futu from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $79.00 to $95.00 in a research report on Tuesday, November 19th. Finally, Morgan Stanley upgraded shares of Futu from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $70.00 to $115.00 in a research report on Monday, November 18th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $87.33.

Futu Price Performance

The stock’s 50 day moving average is $92.21 and its two-hundred day moving average is $77.07. The firm has a market cap of $11.88 billion, a P/E ratio of 21.12, a PEG ratio of 0.88 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 paid a dividend of $2.00 per share. The ex-dividend date is Friday, December 6th.

Hedge Funds Weigh In On Futu

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC grew its position in shares of Futu by 14.6% in 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 period. CIBC Asset Management Inc lifted its position in Futu by 4.3% in the 3rd quarter. CIBC Asset Management Inc now owns 5,403 shares of the company’s stock valued at $517,000 after acquiring an additional 222 shares in the last quarter. Signaturefd LLC boosted its stake in Futu by 8.4% in the 2nd quarter. Signaturefd LLC now owns 3,205 shares of the company’s stock worth $210,000 after purchasing an additional 247 shares during the period. CWM LLC raised its stake in shares of Futu by 67.7% in the 3rd quarter. CWM LLC now owns 743 shares of the company’s stock valued at $71,000 after purchasing an additional 300 shares during the period. Finally, Lifestyle Asset Management Inc. lifted its holdings in shares of Futu by 6.1% in the third quarter. Lifestyle Asset Management Inc. now owns 5,373 shares of the company’s stock valued at $514,000 after purchasing an additional 307 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.