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

Futu Holdings Limited (NASDAQ:FUTU - Get Free Report)'s share price gapped down prior to trading on Tuesday . The stock had previously closed at $106.35, but opened at $100.98. Futu shares last traded at $100.31, with a volume of 1,966,605 shares traded.

Analyst Upgrades and Downgrades

Separately, Bank of America raised their target price on shares of Futu from $80.20 to $90.00 and gave the company a "buy" rating in a report on Friday, September 27th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Futu currently has a consensus rating of "Moderate Buy" and a consensus price target of $72.97.

Futu Stock Down 9.5 %

The business's fifty day moving average price is $73.73 and its 200 day moving average price is $69.09. The firm has a market capitalization of $13.26 billion, a PE ratio of 25.52, a P/E/G ratio of 1.65 and a beta of 0.74.

Futu (NASDAQ:FUTU - Get Free Report) last released its earnings results on Tuesday, August 20th. The company reported $1.11 EPS for the quarter. Futu had a net margin of 39.27% and a return on equity of 16.77%. The firm had revenue of $400.73 million during the quarter. As a group, sell-side analysts forecast that Futu Holdings Limited will post 4.28 earnings per share for the current fiscal year.

Institutional Trading of Futu

Hedge funds have recently added to or reduced their stakes in the business. UniSuper Management Pty Ltd boosted its position in shares of Futu by 100.0% in the first quarter. UniSuper Management Pty Ltd now owns 800 shares of the company's stock worth $43,000 after acquiring an additional 400 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Futu during the 2nd quarter worth $50,000. GAMMA Investing LLC raised its position in shares of Futu by 181.5% in the 3rd quarter. GAMMA Investing LLC now owns 594 shares of the company's stock worth $57,000 after buying an additional 383 shares during the period. CWM LLC boosted its holdings in Futu by 67.7% in the third quarter. CWM LLC now owns 743 shares of the company's stock valued at $71,000 after acquiring an additional 300 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Futu during the second quarter valued at about $123,000.

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.