Futu (NASDAQ:FUTU) Hits New 52-Week High Following Analyst Upgrade

Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU)’s share price reached a new 52-week high during trading on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $202.53 and last traded at $194.24, with a volume of 1503298 shares. The stock had previously closed at $199.04.

Other equities analysts also recently issued reports about the company. Dbs Bank upgraded Futu to a “moderate buy” rating in a research note on Thursday, September 4th. Daiwa Capital Markets assumed coverage on shares of Futu in a research note on Monday, August 11th. They issued a “buy” rating and a $190.00 price target on the stock. Barclays increased their price target on Futu from $176.00 to $232.00 and gave the company an “overweight” rating in a research note on Friday, August 22nd. Bank of America lifted their price objective on shares of Futu from $172.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, August 21st. Finally, JPMorgan Chase & Co. boosted their price objective on Futu from $200.00 to $270.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Futu presently has a consensus rating of “Buy” and a consensus price target of $190.43.

Institutional Investors Weigh In On Futu

Several large investors have recently made changes to their positions in the stock. Erste Asset Management GmbH bought a new position in Futu during the 1st quarter worth approximately $1,036,000. Charles Schwab Investment Management Inc. raised its holdings in Futu by 8.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 67,430 shares of the company’s stock worth $6,901,000 after purchasing an additional 5,056 shares in the last quarter. Swedbank AB increased its stake in shares of Futu by 729.5% during the second quarter. Swedbank AB now owns 50,600 shares of the company’s stock valued at $6,254,000 after purchasing an additional 44,500 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new position in Futu during the first quarter valued at $16,112,000. Finally, Inspire Investing LLC bought a new position in Futu in the 1st quarter worth about $730,000.

Futu Stock Performance

The stock has a fifty day simple moving average of $177.35 and a 200 day simple moving average of $146.38. The firm has a market cap of $26.11 billion, a P/E ratio of 26.03, a price-to-earnings-growth ratio of 0.64 and a beta of 0.49.

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.