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

by · The Markets Daily

Shares of Futu Holdings Limited (NASDAQ:FUTU – Get Free Report) gapped down prior to trading 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 trading hands.

Analyst Ratings Changes

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

Check Out Our Latest Research Report on Futu

Futu Price Performance

The stock has a market capitalization of $14.77 billion, a P/E ratio of 27.69, a PEG ratio of 1.65 and a beta of 0.74. The stock’s 50-day simple moving average is $71.63 and its 200 day simple moving average is $68.11.

Futu (NASDAQ:FUTU – Get Free Report) last announced its earnings results on Tuesday, August 20th. The company reported $1.11 EPS 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%. As a group, analysts expect that Futu Holdings Limited will post 4.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Futu

Large investors have recently made changes to their positions in the company. Marshall Wace LLP grew its holdings in Futu by 71.5% in the 2nd quarter. Marshall Wace LLP now owns 1,521,314 shares of the company’s stock valued at $99,813,000 after buying an additional 634,369 shares in the last quarter. E Fund Management Co. Ltd. bought a new stake in shares of Futu in the second quarter valued at about $31,490,000. National Bank of Canada FI grew its stake in shares of Futu by 3,253,333.3% in the second quarter. National Bank of Canada FI now owns 292,809 shares of the company’s stock valued at $18,790,000 after acquiring an additional 292,800 shares in the last quarter. Renaissance Technologies LLC increased its position in Futu by 1,159.9% during the second quarter. Renaissance Technologies LLC now owns 292,300 shares of the company’s stock worth $19,176,000 after acquiring an additional 269,100 shares during the period. Finally, Acadian Asset Management LLC raised its stake in Futu by 5,492.5% in the 2nd quarter. Acadian Asset Management LLC now owns 265,869 shares of the company’s stock worth $17,419,000 after purchasing an additional 261,115 shares in the last quarter.

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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