Futu (NASDAQ:FUTU) Shares Gap Down - What's Next?

Futu Holdings Limited (NASDAQ:FUTU) experienced a sharp decline in its share price when the market opened on Thursday. The stock was previously priced at $114.70 but started the trading session at $110.40. As of the last trade, Futu shares were at $110.29, with a trading volume of 733,425 shares.

Recent Analyst Updates

Several financial analysts have recently shared their insights regarding FUTU shares. JPMorgan Chase & Co. raised their price target for Futu from $160.00 to $170.00 and reiterated an "overweight" rating in a report released on March 14th. Meanwhile, UBS Group increased their price target from $130.00 to $136.00, giving Futu a "buy" rating in their latest report. Currently, one research analyst has a hold rating while four analysts recommended buying the stock. According to MarketBeat data, Futu holds an average rating of "Moderate Buy" along with a consensus target price of $121.20.

Futu Stock Performance

Futu Holdings has seen a decline of 5.3% in its stock value. The company is valued at a market capitalization of $14.97 billion, with a price-to-earnings ratio of 26.62 and a price-to-earnings-growth ratio of 0.79. The stock's beta is recorded at 0.78. Additionally, the company has a 50-day moving average of $103.56 and a two-hundred-day moving average of $92.34.

Institutional Investors' Actions

Several institutional investors have adjusted their positions in Futu stock recently. For instance, Y Intercept Hong Kong Ltd significantly increased its holdings by 136.9% during the third quarter, acquiring 42,149 shares valued at approximately $4,032,000 after purchasing an additional 24,355 shares. Similarly, Connor Clark & Lunn Investment Management Ltd. boosted their stake by 127.1%, now holding 52,530 shares worth $5,024,000 after adding another 29,401 shares in the last quarter. Natixis Advisors LLC made a new investment in Futu valued at $1,100,000 during the same period. Monolith Management Ltd. also acquired shares worth about $6,217,000, while Sumitomo Mitsui Trust Group Inc. raised their holdings by 183.6%, now owning 333,401 shares valued at $26,669,000 after acquiring an additional 215,840 shares.

About Futu Holdings

Futu Holdings Limited specializes in providing digital securities brokerage and wealth management services both in Hong Kong and internationally. The firm offers various online financial services, including brokerage for securities and derivative trades, margin financing, and fund distribution through its digital platforms, Futubull and Moomoo.

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This news has been compiled with information from various analytical sources to provide up-to-date insights regarding Futu Holdings Limited.

Considering an Investment in Futu?

If you're thinking about investing $1,000 in Futu, it's important to consider some key insights.

MarketBeat continuously monitors reputable analysts and their recommended stocks. Currently, they have identified five stocks that top analysts are favoring for purchase, and Futu is not among them.

Despite a current "Moderate Buy" rating for Futu from analysts, leading experts believe that there are better investment options available right now.

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Futu, Stocks, Investment