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

Futu Holdings Limited (NASDAQ:FUTU)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $91.33, but opened at $89.00. Futu shares last traded at $90.20, with a volume of 558,276 shares trading hands.

Analyst Ratings Changes

Several research firms recently issued reports on FUTU. Bank of America lifted their price objective on Futu from $80.20 to $90.00 and gave the stock a “buy” rating in a report on Friday, September 27th. Citigroup lowered shares of Futu from a “buy” rating to a “neutral” rating and upped their target price for the stock from $79.00 to $95.00 in a report on Tuesday, November 19th. Finally, Morgan Stanley raised shares of 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 research note on Monday, November 18th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Futu has a consensus rating of “Moderate Buy” and an average target price of $91.40.

Futu Stock Up 3.6 %

The stock has a market capitalization of $12.74 billion, a price-to-earnings ratio of 22.66, a PEG ratio of 0.71 and a beta of 0.75. The company’s 50-day moving average is $84.55 and its 200-day moving average is $79.32.

Futu Dividend Announcement

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Baader Bank Aktiengesellschaft raised its position in Futu by 18.0% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 15,500 shares of the company’s stock valued at $1,240,000 after purchasing an additional 2,365 shares during the period. BOCHK Asset Management Ltd raised its holdings in Futu by 8.1% in the 4th quarter. BOCHK Asset Management Ltd now owns 8,000 shares of the company’s stock valued at $640,000 after buying an additional 600 shares during the period. Robeco Institutional Asset Management B.V. acquired a new position in Futu in the fourth quarter valued at about $1,200,000. KBC Group NV lifted its position in Futu by 28.2% in the fourth quarter. KBC Group NV now owns 42,692 shares of the company’s stock valued at $3,415,000 after buying an additional 9,401 shares during the last quarter. Finally, Blue Trust Inc. boosted its stake in Futu by 15.9% during the fourth quarter. Blue Trust Inc. now owns 10,302 shares of the company’s stock worth $824,000 after buying an additional 1,413 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.