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 trading hands.

Analyst Ratings Changes

A number of equities research analysts have weighed in on FUTU shares. Citigroup downgraded Futu from a “buy” rating to a “neutral” rating and raised their price target for the company from $79.00 to $95.00 in a research report on Tuesday, November 19th. Morgan Stanley upgraded Futu from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $70.00 to $115.00 in a research report on Monday, November 18th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Futu has a consensus rating of “Moderate Buy” and a consensus target price of $91.40.

Futu Stock Up 0.7 %

The company’s fifty day moving average price is $93.05 and its 200-day moving average price is $85.73. The stock has a market capitalization of $16.73 billion, a PE ratio of 29.75, a price-to-earnings-growth ratio of 0.79 and a beta of 0.76.

Hedge Funds Weigh In On Futu

Large investors have recently made changes to their positions in the business. Valliance Asset Management Ltd purchased a new position in shares of Futu during the third quarter valued at approximately $956,000. Sumitomo Mitsui Trust Group Inc. raised its holdings in Futu by 14.8% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 117,561 shares of the company’s stock worth $11,245,000 after acquiring an additional 15,127 shares during the last quarter. Y Intercept Hong Kong Ltd raised its holdings in Futu by 136.9% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 42,149 shares of the company’s stock worth $4,032,000 after acquiring an additional 24,355 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Futu by 127.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 52,530 shares of the company’s stock worth $5,024,000 after purchasing an additional 29,401 shares during the period. Finally, Natixis Advisors LLC bought a new stake in shares of Futu during the 3rd quarter valued at $1,100,000.

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.