Futu (NASDAQ:FUTU) Shares Gap Up – Should You Buy?

Futu Holdings Limited (NASDAQ:FUTU) shares gapped up prior to trading on Monday . The stock had previously closed at $83.27, but opened at $92.87. Futu shares last traded at $99.58, with a volume of 3,058,702 shares trading hands.

Analyst Upgrades and Downgrades

FUTU has been the subject of several research analyst reports. Citigroup lowered Futu from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $79.00 to $95.00 in a research note on Tuesday, November 19th. Morgan Stanley upgraded Futu from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $70.00 to $115.00 in a research report on Monday, November 18th. Finally, Bank of America increased their price target on shares of Futu from $80.20 to $90.00 and gave the company a “buy” rating in a research report on Friday, September 27th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Futu has an average rating of “Moderate Buy” and a consensus target price of $87.33.

Futu Stock Performance

The business has a 50 day moving average price of $96.14 and a two-hundred day moving average price of $76.47. The company has a market cap of $14.02 billion, a P/E ratio of 24.41, a price-to-earnings-growth ratio of 0.85 and a beta of 0.72.

Futu Announces Dividend

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

Institutional Investors Weigh In On Futu

A number of large investors have recently added to or reduced their stakes in the company. APG Asset Management N.V. bought a new position in shares of Futu during the second quarter valued at approximately $496,000. Valliance Asset Management Ltd bought a new position in Futu in the 3rd quarter worth $956,000. Sei Investments Co. lifted its position in shares of Futu by 261.3% in the 2nd quarter. Sei Investments Co. now owns 25,351 shares of the company’s stock worth $1,663,000 after purchasing an additional 18,334 shares during the period. Seven Eight Capital LP bought a new stake in shares of Futu during the 2nd quarter valued at about $1,956,000. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in shares of Futu by 14.8% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 117,561 shares of the company’s stock valued at $11,245,000 after buying an additional 15,127 shares during the period.

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.