Futu (NASDAQ:FUTU) Shares Gap Up After Analyst Upgrade

Futu Holdings Limited (NASDAQ:FUTUGet Free Report) shares gapped up prior to trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $160.00 to $170.00. The stock had previously closed at $107.52, but opened at $112.99. JPMorgan Chase & Co. currently has an overweight rating on the stock. Futu shares last traded at $118.73, with a volume of 2,426,029 shares.

FUTU has been the topic of a number of other research reports. Citigroup downgraded shares of Futu from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $79.00 to $95.00 in a report on Tuesday, November 19th. Morgan Stanley upgraded shares of Futu from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $70.00 to $115.00 in a research note on Monday, November 18th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $107.00.

View Our Latest Report on Futu

Institutional Investors Weigh In On Futu

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FUTU. Lansforsakringar Fondforvaltning AB publ bought a new stake in shares of Futu during the fourth quarter valued at approximately $969,000. Siemens Fonds Invest GmbH bought a new stake in shares of Futu during the fourth quarter valued at approximately $301,000. Mackenzie Financial Corp raised its position in shares of Futu by 2.0% during the fourth quarter. Mackenzie Financial Corp now owns 4,475 shares of the company’s stock valued at $358,000 after buying an additional 87 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of Futu during the fourth quarter valued at approximately $11,482,000. Finally, Public Employees Retirement System of Ohio raised its position in shares of Futu by 131.4% during the fourth quarter. Public Employees Retirement System of Ohio now owns 9,023 shares of the company’s stock valued at $722,000 after buying an additional 5,123 shares during the last quarter.

Futu Price Performance

The stock has a market cap of $16.32 billion, a P/E ratio of 29.04, a PEG ratio of 0.79 and a beta of 0.78. The firm’s 50-day moving average price is $101.39 and its 200-day moving average price is $91.00.

About Futu

(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.

Further Reading

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