Futu (NASDAQ:FUTU) Shares Gap Down - Here's What Happened

Futu Holdings Limited (NASDAQ:FUTU - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $86.54, but opened at $84.00. Futu shares last traded at $84.00, with a volume of 284,239 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FUTU. Bank of America boosted their price target on Futu from $80.20 to $90.00 and gave the company a "buy" rating in a report on Friday, September 27th. Morgan Stanley upgraded shares of 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 report on Monday, November 18th. Finally, Citigroup lowered shares of Futu from a "buy" rating to a "neutral" rating and boosted their price target for the company from $79.00 to $95.00 in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, Futu has a consensus rating of "Moderate Buy" and an average target price of $87.33.

Futu Trading Down 4.7 %

The firm has a market cap of $11.36 billion, a price-to-earnings ratio of 21.21, a PEG ratio of 0.88 and a beta of 0.72. The company has a fifty day moving average price of $93.66 and a 200-day moving average price of $76.94.

Futu Dividend Announcement

The company also recently announced a -- dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 6th will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, December 6th.

Institutional Trading of Futu

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Aspex Management HK Ltd increased its position in shares of Futu by 2.4% in the third quarter. Aspex Management HK Ltd now owns 4,553,023 shares of the company's stock valued at $435,497,000 after buying an additional 108,219 shares in the last quarter. Marshall Wace LLP grew its stake in Futu by 71.5% in the 2nd quarter. Marshall Wace LLP now owns 1,521,314 shares of the company's stock valued at $99,813,000 after acquiring an additional 634,369 shares during the period. Hhlr Advisors LTD. increased its holdings in Futu by 46.8% in the 3rd quarter. Hhlr Advisors LTD. now owns 1,051,089 shares of the company's stock worth $100,537,000 after acquiring an additional 335,000 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Futu by 502.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,746 shares of the company's stock worth $53,444,000 after acquiring an additional 465,961 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Futu by 3.3% during the third quarter. Geode Capital Management LLC now owns 545,949 shares of the company's stock valued at $51,475,000 after purchasing an additional 17,513 shares in the last quarter.

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.