Futu (NASDAQ:FUTU) Shares Gap Up – Time to Buy?

Shares of Futu Holdings Limited (NASDAQ:FUTU) gapped up before the market opened on Friday . The stock had previously closed at $89.71, but opened at $96.92. Futu shares last traded at $94.56, with a volume of 3,039,996 shares traded.

Analyst Ratings Changes

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

Futu Stock Performance

The company has a fifty day moving average price of $76.57 and a two-hundred day moving average price of $70.06. The company has a market cap of $12.85 billion, a P/E ratio of 24.67, a PEG ratio of 1.65 and a beta of 0.74.

Futu (NASDAQ:FUTU) last posted its quarterly earnings results on Tuesday, August 20th. The company reported $1.11 earnings per share for the quarter. Futu had a return on equity of 16.77% and a net margin of 39.27%. The firm had revenue of $400.73 million during the quarter. Research analysts anticipate that Futu Holdings Limited will post 4.28 EPS for the current year.

Hedge Funds Weigh In On Futu

A number of institutional investors have recently added to or reduced their stakes in FUTU. GAMMA Investing LLC increased its position in Futu by 181.5% during the third quarter. GAMMA Investing LLC now owns 594 shares of the company’s stock worth $57,000 after buying an additional 383 shares during the last quarter. CWM LLC raised its stake in Futu by 67.7% in the 3rd quarter. CWM LLC now owns 743 shares of the company’s stock valued at $71,000 after acquiring an additional 300 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in Futu during the 2nd quarter valued at $50,000. UniSuper Management Pty Ltd boosted its position in Futu by 100.0% during the first quarter. UniSuper Management Pty Ltd now owns 800 shares of the company’s stock worth $43,000 after purchasing an additional 400 shares during the period. Finally, SG Americas Securities LLC acquired a new position in shares of Futu in the second quarter valued at $123,000.

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.