Futu (NASDAQ:FUTU) Shares Gap Up – Time to Buy?

Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $117.30, but opened at $125.20. Futu shares last traded at $122.81, with a volume of 1,756,293 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FUTU. UBS Group lifted their target price on shares of Futu from $130.00 to $136.00 and gave the company a “buy” rating in a report on Monday, March 17th. Bank of America lifted their price objective on Futu from $123.70 to $143.90 and gave the company a “buy” rating in a report on Wednesday, June 11th. Finally, JPMorgan Chase & Co. boosted their target price on Futu from $160.00 to $170.00 and gave the stock an “overweight” rating in a research report on Friday, March 14th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Futu has an average rating of “Moderate Buy” and an average target price of $131.98.

Futu Stock Performance

The firm has a market cap of $17.14 billion, a price-to-earnings ratio of 20.54, a PEG ratio of 0.98 and a beta of 0.58. The business has a fifty day moving average of $106.02 and a two-hundred day moving average of $99.50.

Futu (NASDAQ:FUTU) last announced its quarterly earnings results on Thursday, May 29th. The company reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.95 by $0.01. Futu had a return on equity of 23.07% and a net margin of 41.74%. The business had revenue of $603.43 million during the quarter, compared to analysts’ expectations of $594.86 million. On average, equities research analysts forecast that Futu Holdings Limited Sponsored ADR will post 4.94 earnings per share for the current year.

Hedge Funds Weigh In On Futu

Hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers increased its position in Futu by 0.6% during the 4th quarter. Rhumbline Advisers now owns 23,023 shares of the company’s stock worth $1,842,000 after purchasing an additional 144 shares in the last quarter. New York State Common Retirement Fund acquired a new position in shares of Futu in the fourth quarter valued at approximately $2,436,000. Bank of New York Mellon Corp lifted its stake in shares of Futu by 4.6% during the fourth quarter. Bank of New York Mellon Corp now owns 90,267 shares of the company’s stock valued at $7,220,000 after buying an additional 3,968 shares during the period. US Bancorp DE lifted its stake in shares of Futu by 138.7% during the fourth quarter. US Bancorp DE now owns 16,067 shares of the company’s stock valued at $1,285,000 after buying an additional 9,336 shares during the period. Finally, Capital Wealth Planning LLC acquired a new stake in Futu during the fourth quarter worth approximately $1,070,000.

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.