Futu (NASDAQ:FUTU) Shares Gap Up – Here’s What Happened

Futu Holdings Limited (NASDAQ:FUTU)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $96.90, but opened at $101.68. Futu shares last traded at $101.70, with a volume of 737,922 shares changing hands.

Wall Street Analyst Weigh In

Separately, Bank of America increased their price target on Futu from $80.20 to $90.00 and gave the stock a “buy” rating in a research note on Friday, September 27th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $72.97.

Futu Stock Down 2.4 %

The stock has a market capitalization of $13.32 billion, a price-to-earnings ratio of 24.98, a P/E/G ratio of 1.01 and a beta of 0.75. The business has a 50-day simple moving average of $84.46 and a two-hundred day simple moving average of $73.33.

Futu (NASDAQ:FUTU) last announced its earnings results on Tuesday, August 20th. The company reported $1.11 earnings per share for the quarter. The business had revenue of $400.73 million during the quarter. Futu had a return on equity of 16.77% and a net margin of 39.27%. On average, analysts forecast that Futu Holdings Limited will post 4.75 EPS for the current year.

Hedge Funds Weigh In On Futu

Several large investors have recently made changes to their positions in the business. 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 increased its holdings in shares of Futu by 67.7% in the third quarter. CWM LLC now owns 743 shares of the company’s stock valued at $71,000 after buying an additional 300 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Futu during the 2nd quarter worth $50,000. UniSuper Management Pty Ltd grew its holdings in shares of Futu by 100.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 800 shares of the company’s stock worth $43,000 after acquiring an additional 400 shares during the last quarter. Finally, Venturi Wealth Management LLC acquired a new stake in shares of Futu during the third quarter worth $92,000.

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.