Futu (NASDAQ:FUTU) Shares Gap Down - Should You Sell?

Shares of Futu Holdings Limited (NASDAQ:FUTU - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $121.40, but opened at $116.34. Futu shares last traded at $105.27, with a volume of 2,499,931 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FUTU. Citigroup downgraded Futu from a "buy" rating to a "neutral" rating and increased their target price for the stock from $79.00 to $95.00 in a research note on Tuesday, November 19th. Morgan Stanley raised Futu from an "equal weight" rating to an "overweight" rating and increased 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 assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $91.40.

Futu Trading Down 2.0 %

The stock has a market capitalization of $15.05 billion, a PE ratio of 26.76, a P/E/G ratio of 0.79 and a beta of 0.76. The firm has a 50 day moving average of $95.64 and a two-hundred day moving average of $87.90.

Hedge Funds Weigh In On Futu

Several hedge funds have recently bought and sold shares of FUTU. Arrowstreet Capital Limited Partnership purchased a new position in Futu in the 4th quarter valued at approximately $116,315,000. Point72 Hong Kong Ltd increased its stake in Futu by 170.6% in the 4th quarter. Point72 Hong Kong Ltd now owns 830,842 shares of the company's stock valued at $66,459,000 after purchasing an additional 523,808 shares in the last quarter. Norges Bank purchased a new position in Futu in the 4th quarter valued at approximately $39,163,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Futu by 502.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,746 shares of the company's stock valued at $53,444,000 after purchasing an additional 465,961 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Futu during the third quarter worth $39,943,000.

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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.