Futu (NASDAQ:FUTU) Shares Gap Down to $45.64

Futu Holdings Limited (NASDAQ:FUTU) gapped down prior to trading on Thursday . The stock had previously closed at $45.64, but opened at $44.36. Futu shares last traded at $45.07, with a volume of 27,528 shares trading hands.

Several brokerages have recently issued reports on FUTU. Bank of America lowered shares of Futu from a “buy” rating to an “underperform” rating and reduced their target price for the company from $156.00 to $66.00 in a research note on Friday, October 15th. BOCOM International lowered shares of Futu from a “buy” rating to a “neutral” rating in a research note on Monday, November 1st. TheStreet lowered shares of Futu from a “c-” rating to a “d+” rating in a research note on Tuesday, December 21st. CLSA initiated coverage on shares of Futu in a research note on Tuesday, October 19th. They set a “buy” rating and a $110.00 price objective on the stock. Finally, Morgan Stanley lowered shares of Futu from an “overweight” rating to an “equal weight” rating in a research note on Friday, October 29th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Futu presently has an average rating of “Hold” and a consensus target price of $164.21.

The stock has a market capitalization of $6.61 billion, a price-to-earnings ratio of 18.43, a P/E/G ratio of 0.32 and a beta of 0.91. The firm’s fifty day simple moving average is $46.34 and its 200 day simple moving average is $82.39.

Futu (NASDAQ:FUTU) last announced its earnings results on Tuesday, November 23rd. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $6.90 by ($2.76). The company had revenue of $222.36 million for the quarter. Futu had a return on equity of 18.91% and a net margin of 42.45%. During the same quarter in the prior year, the business earned $0.39 EPS. Equities research analysts forecast that Futu Holdings Limited will post 2.5 earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its holdings in shares of Futu by 221.6% in the second quarter. BlackRock Inc. now owns 2,161,574 shares of the company’s stock valued at $387,116,000 after purchasing an additional 1,489,432 shares during the last quarter. Light Street Capital Management LLC acquired a new stake in shares of Futu in the second quarter valued at approximately $69,408,000. Invesco Ltd. acquired a new stake in shares of Futu in the second quarter valued at approximately $1,844,000. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in shares of Futu in the second quarter valued at approximately $4,642,000. Finally, Dimensional Fund Advisors LP increased its holdings in Futu by 294.1% during the second quarter. Dimensional Fund Advisors LP now owns 52,522 shares of the company’s stock worth $9,408,000 after buying an additional 39,195 shares during the last quarter. Institutional investors own 22.76% of the company’s stock.

About Futu (NASDAQ:FUTU)

Futu Holdings Ltd. is an advanced technology company, which engages in online brokerage and wealth management services. It provides investing services through its proprietary digital platforms, Futubull and moomoo that allows investors to trade securities and invest in fund products. The firm’s fee-generating services include trade execution, as well as margin financing and securities lending, which allow its clients to trade securities, such as stocks, ETFs, warrants, options and futures, across different markets.

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