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

by · The Cerbat Gem

Futu Holdings Limited (NASDAQ:FUTU – Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $98.08, but opened at $91.00. Futu shares last traded at $89.48, with a volume of 1,491,890 shares.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Citigroup cut shares of Futu from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $79.00 to $95.00 in a research note on Tuesday, November 19th. Morgan Stanley raised shares of Futu from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $70.00 to $115.00 in a research note on Monday, November 18th. Finally, Bank of America raised 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. According to data from MarketBeat.com, Futu currently has an average rating of “Moderate Buy” and an average target price of $87.33.

Get Our Latest Research Report on Futu

Futu Price Performance

The business’s 50-day simple moving average is $95.24 and its two-hundred day simple moving average is $76.79. The stock has a market capitalization of $11.83 billion, a price-to-earnings ratio of 21.05, a PEG 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. Investors of record on Friday, December 6th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Friday, December 6th.

Institutional Investors Weigh In On Futu

Institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC boosted its holdings in Futu by 181.5% in the 3rd quarter. GAMMA Investing LLC now owns 594 shares of the company’s stock worth $57,000 after acquiring an additional 383 shares during the period. CWM LLC boosted its stake 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 purchasing an additional 300 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in Futu during the 2nd quarter worth $50,000. Venturi Wealth Management LLC acquired a new position in Futu in the 3rd quarter worth $92,000. Finally, SG Americas Securities LLC acquired a new position in Futu in the 2nd quarter worth $123,000.

Futu Company Profile

(Get Free Report)

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.

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