Futu (NASDAQ:FUTU) Shares Gap Down After Earnings Miss

Futu Holdings Limited (NASDAQ:FUTU - Get Free Report)'s stock price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $111.73, but opened at $108.60. Futu shares last traded at $110.55, with a volume of 1,469,800 shares.

The company reported $1.72 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $13.30 by ($11.58). Futu had a return on equity of 16.86% and a net margin of 38.59%.

Analyst Ratings Changes

Several research firms have weighed in on FUTU. Citigroup cut 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 research note on Tuesday, November 19th. Morgan Stanley upgraded Futu from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $70.00 to $115.00 in a research note on Monday, November 18th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $91.40.

Institutional Trading of Futu

A number of institutional investors and hedge funds have recently bought and sold shares of FUTU. Smartleaf Asset Management LLC increased its holdings in Futu by 1,245.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 444 shares of the company's stock valued at $36,000 after purchasing an additional 411 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Futu by 77.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 452 shares of the company's stock valued at $36,000 after purchasing an additional 197 shares during the period. Rakuten Securities Inc. increased its holdings in Futu by 239.8% in the fourth quarter. Rakuten Securities Inc. now owns 683 shares of the company's stock valued at $55,000 after purchasing an additional 482 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Futu in the fourth quarter valued at $60,000. Finally, Assetmark Inc. increased its holdings in Futu by 15,200.0% in the fourth quarter. Assetmark Inc. now owns 765 shares of the company's stock valued at $61,000 after purchasing an additional 760 shares during the period.

Futu Price Performance

The firm has a market capitalization of $15.06 billion, a price-to-earnings ratio of 26.86, a P/E/G ratio of 0.79 and a beta of 0.78. The stock has a fifty day moving average of $100.07 and a two-hundred day moving average of $90.48.

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.

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