Futu (NASDAQ:FUTU) Shares Gap Down – Time to Sell?

Futu Holdings Limited (NASDAQ:FUTU)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $91.33, but opened at $89.00. Futu shares last traded at $90.20, with a volume of 558,276 shares traded.

Analysts Set New Price Targets

FUTU has been the topic of several recent research reports. Morgan Stanley raised shares of Futu from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $70.00 to $115.00 in a research note on Monday, November 18th. Citigroup cut shares of Futu from a “buy” rating to a “neutral” rating and raised their price objective for the company from $79.00 to $95.00 in a research note on Tuesday, November 19th. Finally, Bank of America increased their price target on Futu from $80.20 to $90.00 and gave the company a “buy” rating in a research note on Friday, September 27th. One investment 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, the company currently has a consensus rating of “Moderate Buy” and an average price target of $91.40.

Futu Trading Down 1.7 %

The stock’s 50 day moving average is $84.50 and its two-hundred day moving average is $79.16. The stock has a market capitalization of $12.37 billion, a price-to-earnings ratio of 22.01, a price-to-earnings-growth ratio of 0.69 and a beta of 0.75.

Futu Announces Dividend

The company also recently announced a — dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 6th were given a $2.00 dividend. The ex-dividend date of this dividend was Friday, December 6th.

Hedge Funds Weigh In On Futu

Large investors have recently bought and sold shares of the company. GAMMA Investing LLC grew its position in Futu by 181.5% in the third quarter. GAMMA Investing LLC now owns 594 shares of the company’s stock valued at $57,000 after purchasing an additional 383 shares in the last quarter. CWM LLC raised its holdings in Futu by 67.7% during the third quarter. CWM LLC now owns 743 shares of the company’s stock worth $71,000 after acquiring an additional 300 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in Futu by 14.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 877 shares of the company’s stock valued at $84,000 after purchasing an additional 112 shares during the last quarter. Venturi Wealth Management LLC bought a new position in Futu in the third quarter valued at approximately $92,000. Finally, Janus Henderson Group PLC acquired a new position in shares of Futu during the 3rd quarter worth approximately $201,000.

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.