Futu (NASDAQ:FUTU) Trading 5.1% Higher After Analyst Upgrade

Futu Holdings Limited (NASDAQ:FUTU)’s stock price was up 5.1% on Wednesday after Bank of America raised their price target on the stock from $123.70 to $143.90. Bank of America currently has a buy rating on the stock. Futu traded as high as $113.29 and last traded at $113.09. Approximately 1,096,341 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 2,874,110 shares. The stock had previously closed at $107.57.

A number of other research analysts have also weighed in on the stock. UBS Group raised their target price on shares of Futu from $130.00 to $136.00 and gave the stock a “buy” rating in a research note on Monday, March 17th. JPMorgan Chase & Co. increased their price target on Futu from $160.00 to $170.00 and gave the company an “overweight” rating in a 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 stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.98.

Institutional Investors Weigh In On Futu

Hedge funds and other institutional investors have recently bought and sold shares of the company. Atlas Capital Advisors Inc. acquired a new position in Futu in the 1st quarter valued at about $26,000. Geneos Wealth Management Inc. acquired a new position in Futu in the first quarter valued at approximately $27,000. Allianz SE purchased a new position in Futu in the first quarter worth approximately $30,000. SVB Wealth LLC acquired a new stake in Futu during the first quarter worth $40,000. Finally, Smartleaf Asset Management LLC increased its stake in Futu by 1,245.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 444 shares of the company’s stock worth $36,000 after acquiring an additional 411 shares during the last quarter.

Futu Trading Up 4.2%

The stock has a market capitalization of $15.59 billion, a PE ratio of 27.53, a price-to-earnings-growth ratio of 0.79 and a beta of 0.58. The firm’s fifty day moving average is $96.75 and its 200-day moving average is $96.95.

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. The business had revenue of $603.43 million during the quarter, compared to analysts’ expectations of $594.86 million. Futu had a net margin of 38.59% and a return on equity of 16.86%. As a group, equities analysts predict that Futu Holdings Limited will post 4.94 EPS for the current year.

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.