Futu (NASDAQ:FUTU) Shares Gap Up - Should You Buy?

Shares of Futu Holdings Limited (NASDAQ:FUTU - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $96.88, but opened at $100.13. Futu shares last traded at $96.76, with a volume of 1,077,949 shares traded.

Analyst Upgrades and Downgrades

Separately, Bank of America upped their price objective 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 stock. Based on data from MarketBeat.com, Futu presently has an average rating of "Moderate Buy" and a consensus target price of $72.97.

Futu Price Performance

The company has a market capitalization of $13.53 billion, a PE ratio of 25.35, a P/E/G ratio of 0.97 and a beta of 0.74. The company has a 50-day moving average of $80.27 and a two-hundred day moving average of $71.58.

Futu (NASDAQ:FUTU - Get Free Report) last posted its quarterly earnings data on Tuesday, August 20th. The company reported $1.11 earnings per share for the quarter. Futu had a return on equity of 16.77% and a net margin of 39.27%. The business had revenue of $400.73 million during the quarter. As a group, research analysts anticipate that Futu Holdings Limited will post 4.78 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Marshall Wace LLP raised its stake in shares of Futu by 71.5% in the second 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. E Fund Management Co. Ltd. bought a new position in Futu in the 2nd quarter worth about $31,490,000. Yong Rong HK Asset Management Ltd raised its position in Futu by 2,525.3% during the third quarter. Yong Rong HK Asset Management Ltd now owns 393,800 shares of the company's stock valued at $37,667,000 after acquiring an additional 378,800 shares in the last quarter. National Bank of Canada FI boosted its stake in Futu by 3,253,333.3% in the second quarter. National Bank of Canada FI now owns 292,809 shares of the company's stock worth $18,790,000 after purchasing an additional 292,800 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Futu by 1,159.9% in the 2nd quarter. Renaissance Technologies LLC now owns 292,300 shares of the company's stock valued at $19,176,000 after acquiring an additional 269,100 shares in the last quarter.

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.