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

Futu Holdings Limited (NASDAQ:FUTU) gapped down before the market opened on Wednesday . The stock had previously closed at $112.08, but opened at $105.01. Futu shares last traded at $104.21, with a volume of 2,174,039 shares.

Wall Street Analysts Forecast Growth

Separately, Bank of America increased their price target on Futu from $80.20 to $90.00 and gave the company a “buy” rating in a research note on Friday, September 27th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $72.97.

Futu Price Performance

The firm has a market capitalization of $15.23 billion, a price-to-earnings ratio of 27.21, a P/E/G ratio of 1.04 and a beta of 0.74. The stock has a fifty day moving average of $69.73 and a two-hundred day moving average of $67.54.

Futu (NASDAQ:FUTU) last issued its quarterly earnings results on Tuesday, August 20th. The company reported $1.11 earnings per share for the quarter. The company had revenue of $400.73 million during the quarter. Futu had a return on equity of 16.77% and a net margin of 39.27%. On average, research analysts forecast that Futu Holdings Limited will post 4.51 EPS for the current year.

Institutional Investors Weigh In On Futu

Institutional investors have recently modified their holdings of the company. CWM LLC lifted its holdings in Futu by 67.7% in 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 period. GAMMA Investing LLC lifted its stake in shares of Futu by 181.5% in the 3rd quarter. GAMMA Investing LLC now owns 594 shares of the company’s stock valued at $57,000 after purchasing an additional 383 shares during the period. SG Americas Securities LLC boosted its position in shares of Futu by 5,847.2% during the 3rd quarter. SG Americas Securities LLC now owns 111,153 shares of the company’s stock valued at $10,632,000 after purchasing an additional 109,284 shares in the last quarter. Creative Planning grew its stake in Futu by 27.8% during the second quarter. Creative Planning now owns 13,253 shares of the company’s stock worth $869,000 after purchasing an additional 2,884 shares during the period. Finally, Scientech Research LLC bought a new stake in Futu in the second quarter worth approximately $220,000.

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.