Futu (NASDAQ:FUTU) Shares Gap Down – Time to Sell?

Futu Holdings Limited (NASDAQ:FUTU) shares gapped down before the market opened on Thursday . The stock had previously closed at $114.70, but opened at $110.40. Futu shares last traded at $110.29, with a volume of 733,425 shares traded.

Analyst Upgrades and Downgrades

Several analysts have recently commented on FUTU shares. JPMorgan Chase & Co. upped their price objective on shares of Futu from $160.00 to $170.00 and gave the company an “overweight” rating in a report on Friday, March 14th. UBS Group upped their price target on shares of Futu from $130.00 to $136.00 and gave the company a “buy” rating in a report on Monday. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Futu currently has an average rating of “Moderate Buy” and a consensus target price of $121.20.

Futu Stock Down 5.3 %

The stock has a market capitalization of $14.97 billion, a price-to-earnings ratio of 26.62, a price-to-earnings-growth ratio of 0.79 and a beta of 0.78. The business’s 50-day moving average is $103.56 and its two-hundred day moving average is $92.34.

Hedge Funds Weigh In On Futu

A number of institutional investors have recently added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd raised its position in shares of Futu by 136.9% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 42,149 shares of the company’s stock valued at $4,032,000 after buying an additional 24,355 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Futu by 127.1% during the third 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 in the last quarter. Natixis Advisors LLC purchased a new position in shares of Futu during the third quarter worth $1,100,000. Monolith Management Ltd acquired a new position in Futu during the 3rd quarter worth about $6,217,000. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in Futu by 183.6% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 333,401 shares of the company’s stock valued at $26,669,000 after acquiring an additional 215,840 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.