Futu (NASDAQ:FUTU) Shares Gap Up – Still a Buy?

Shares of Futu Holdings Limited (NASDAQ:FUTU) gapped up prior to trading on Wednesday . The stock had previously closed at $104.58, but opened at $112.68. Futu shares last traded at $114.01, with a volume of 1,735,343 shares traded.

Analyst Ratings Changes

FUTU has been the subject of several analyst reports. Citigroup lowered 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 report on Tuesday, November 19th. Morgan Stanley raised Futu from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $70.00 to $115.00 in a report on Monday, November 18th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.40.

Futu Trading Up 9.7 %

The stock has a market capitalization of $15.81 billion, a PE ratio of 28.11, a price-to-earnings-growth ratio of 0.79 and a beta of 0.76. The firm’s fifty day moving average is $93.97 and its 200-day moving average is $86.81.

Institutional Trading of Futu

Several institutional investors have recently added to or reduced their stakes in FUTU. Smartleaf Asset Management LLC boosted its position in shares of Futu by 1,245.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 444 shares of the company’s stock worth $36,000 after buying an additional 411 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Futu by 77.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 452 shares of the company’s stock worth $36,000 after acquiring an additional 197 shares during the period. Rakuten Securities Inc. boosted its holdings in Futu by 239.8% in the fourth quarter. Rakuten Securities Inc. now owns 683 shares of the company’s stock valued at $55,000 after purchasing an additional 482 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Futu in the 4th quarter valued at about $60,000. Finally, Assetmark Inc. lifted its stake in Futu by 15,200.0% in the fourth quarter. Assetmark Inc. now owns 765 shares of the company’s stock worth $61,000 after acquiring an additional 760 shares during the last quarter.

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.