Futu (NASDAQ:FUTU) Shares Gap Down – Should You Sell?

Futu Holdings Limited (NASDAQ:FUTU)’s share price 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 trading hands.

Analysts Set New Price Targets

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

Futu Stock Performance

The stock has a market cap of $12.88 billion, a price-to-earnings ratio of 24.84, a P/E/G ratio of 1.01 and a beta of 0.75. The business has a 50-day simple moving average of $86.18 and a two-hundred day simple moving average of $73.73.

Futu (NASDAQ:FUTU) last issued its quarterly earnings results on Tuesday, August 20th. The company reported $1.11 earnings per share (EPS) for the quarter. Futu had a net margin of 39.27% and a return on equity of 16.77%. The firm had revenue of $400.73 million for the quarter. On average, analysts expect that Futu Holdings Limited will post 4.75 earnings per share for the current fiscal year.

Institutional Trading of Futu

Several institutional investors and hedge funds have recently added to or reduced their stakes in FUTU. UniSuper Management Pty Ltd increased its stake in shares of Futu by 100.0% during the 1st 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 last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Futu during the second quarter worth approximately $50,000. GAMMA Investing LLC boosted its holdings in shares of Futu by 181.5% during the third quarter. GAMMA Investing LLC now owns 594 shares of the company’s stock worth $57,000 after acquiring an additional 383 shares during the period. CWM LLC grew its position in shares of Futu by 67.7% in the third quarter. CWM LLC now owns 743 shares of the company’s stock valued at $71,000 after purchasing an additional 300 shares during the last quarter. Finally, Venturi Wealth Management LLC bought a new position in shares of Futu during the third quarter worth approximately $92,000.

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.