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

Futu Holdings Limited (NASDAQ:FUTU) gapped up before the market opened on Thursday . The stock had previously closed at $121.36, but opened at $127.32. Futu shares last traded at $124.45, with a volume of 1,789,102 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FUTU. Morgan Stanley raised Futu from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $70.00 to $115.00 in a research note on Monday, November 18th. Citigroup lowered shares of Futu from a “buy” rating to a “neutral” rating and increased their price objective for the company from $79.00 to $95.00 in a research note on Tuesday, November 19th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $91.40.

Futu Price Performance

The business’s fifty day moving average is $91.64 and its 200-day moving average is $85.02. The firm has a market cap of $16.95 billion, a PE ratio of 30.04, a P/E/G ratio of 0.83 and a beta of 0.76.

Futu Dividend Announcement

The firm also recently announced a — dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 6th were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, December 6th.

Hedge Funds Weigh In On Futu

Large investors have recently modified their holdings of the company. Aspex Management HK Ltd increased its holdings in Futu by 2.4% during the 3rd quarter. Aspex Management HK Ltd now owns 4,553,023 shares of the company’s stock worth $435,497,000 after acquiring an additional 108,219 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Futu in the fourth quarter worth $116,315,000. Hhlr Advisors LTD. boosted its stake in Futu by 6.4% during the fourth quarter. Hhlr Advisors LTD. now owns 1,118,303 shares of the company’s stock valued at $89,453,000 after buying an additional 67,214 shares during the period. Point72 Hong Kong Ltd grew its position in Futu by 170.6% during the fourth quarter. Point72 Hong Kong Ltd now owns 830,842 shares of the company’s stock worth $66,459,000 after buying an additional 523,808 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Futu by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 567,635 shares of the company’s stock worth $44,890,000 after acquiring an additional 21,686 shares during the last quarter.

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.