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

Futu Holdings Limited (NASDAQ:FUTU) shares gapped down before the market opened on Friday . The stock had previously closed at $108.66, but opened at $101.70. Futu shares last traded at $98.57, with a volume of 1,536,929 shares changing hands.

Analysts Set New Price Targets

Separately, Bank of America lifted their price objective 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 analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $72.97.

Futu Stock Down 13.0 %

The business’s 50-day simple moving average is $86.80 and its two-hundred day simple moving average is $74.00. The stock has a market cap of $13.02 billion, a P/E ratio of 24.42, a price-to-earnings-growth ratio of 1.00 and a beta of 0.75.

Futu (NASDAQ:FUTU) last released its quarterly earnings data on Tuesday, August 20th. The company reported $1.11 earnings per share for the quarter. The business had revenue of $400.73 million during the quarter. Futu had a net margin of 39.27% and a return on equity of 16.77%. Analysts anticipate that Futu Holdings Limited will post 4.75 earnings per share for the current fiscal year.

Institutional Trading of Futu

A number of hedge funds and other institutional investors have recently made changes to their positions in FUTU. Janney Montgomery Scott LLC boosted its stake in Futu by 24.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 10,318 shares of the company’s stock worth $559,000 after purchasing an additional 2,011 shares during the period. Daiwa Securities Group Inc. boosted its position in shares of Futu by 8.6% in the first quarter. Daiwa Securities Group Inc. now owns 3,800 shares of the company’s stock valued at $206,000 after acquiring an additional 300 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in Futu during the first quarter valued at approximately $747,000. QRG Capital Management Inc. increased its holdings in Futu by 8.2% during the 1st quarter. QRG Capital Management Inc. now owns 12,130 shares of the company’s stock worth $657,000 after acquiring an additional 919 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in Futu by 3.7% in the 1st quarter. Russell Investments Group Ltd. now owns 13,422 shares of the company’s stock worth $727,000 after purchasing an additional 484 shares in the last quarter.

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.