Futu (NASDAQ:FUTU) Shares Gap Up Following Analyst Upgrade

Futu Holdings Limited (NASDAQ:FUTU) shares gapped up prior to trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $160.00 to $170.00. The stock had previously closed at $107.52, but opened at $112.99. JPMorgan Chase & Co. currently has an overweight rating on the stock. Futu shares last traded at $118.73, with a volume of 2,426,029 shares traded.

FUTU has been the subject of several other research reports. Morgan Stanley upgraded Futu from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $70.00 to $115.00 in a research report on Monday, November 18th. Citigroup lowered Futu from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $79.00 to $95.00 in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Futu has an average rating of “Moderate Buy” and a consensus price target of $107.00.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of FUTU. Smartleaf Asset Management LLC boosted its position in shares of Futu by 1,245.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 444 shares of the company’s stock valued at $36,000 after buying an additional 411 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of 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. boosted its holdings in shares of 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. purchased a new stake in shares of Futu in the fourth quarter valued at approximately $60,000. Finally, Assetmark Inc. boosted its holdings in shares of 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 stock has a market cap of $16.32 billion, a PE ratio of 29.04, a price-to-earnings-growth ratio of 0.79 and a beta of 0.78. The business has a fifty day moving average of $101.39 and a 200-day moving average of $91.20.

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.