Futu (NASDAQ:FUTU) Shares Gap Up – What’s Next?

Futu Holdings Limited (NASDAQ:FUTU)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $83.76, but opened at $87.99. Futu shares last traded at $87.99, with a volume of 183,211 shares.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on FUTU shares. Morgan Stanley upgraded shares of Futu from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $70.00 to $115.00 in a research report on Monday, November 18th. Bank of America lifted their price target on Futu from $80.20 to $90.00 and gave the company a “buy” rating in a report on Friday, September 27th. Finally, Citigroup lowered Futu from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $79.00 to $95.00 in a report on Tuesday, November 19th. One research analyst has rated the stock with a hold rating and five 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 $87.33.

Futu Price Performance

The firm has a market capitalization of $11.90 billion, a P/E ratio of 21.16, a PEG ratio of 0.86 and a beta of 0.75. The firm’s fifty day moving average price is $94.80 and its 200-day moving average price is $76.06.

Futu Dividend Announcement

The company also recently declared a — dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 6th will be given a dividend of $2.00 per share. The ex-dividend date is Friday, December 6th.

Institutional Trading of Futu

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new stake in Futu in the second quarter worth about $50,000. GAMMA Investing LLC raised its holdings in shares of Futu by 181.5% in the 3rd quarter. GAMMA Investing LLC now owns 594 shares of the company’s stock worth $57,000 after purchasing an additional 383 shares in the last quarter. CWM LLC lifted its stake in Futu by 67.7% during 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. Venturi Wealth Management LLC acquired a new position in Futu in the third quarter worth approximately $92,000. Finally, SG Americas Securities LLC bought a new position in shares of Futu in the second quarter valued at $123,000.

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.