Futu (NASDAQ:FUTU) Stock Price Up 2.6% After Analyst Upgrade

Posted by on Aug 26th, 2023

Futu Holdings Limited (NASDAQ:FUTU – Get Free Report) shares traded up 2.6% during mid-day trading on Friday after Citigroup raised their price target on the stock from $62.90 to $68.00. Citigroup currently has a buy rating on the stock. Futu traded as high as $51.13 and last traded at $50.69. 667,662 shares traded hands during trading, a decline of 72% from the average session volume of 2,366,009 shares. The stock had previously closed at $49.40.

Several other equities analysts have also recently commented on the stock. Morgan Stanley cut shares of Futu from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $44.00 to $34.00 in a research report on Thursday, May 18th. TheStreet lowered Futu from a “b-” rating to a “c+” rating in a research report on Friday, July 7th. Bank of America boosted their price objective on Futu from $27.00 to $32.15 in a research report on Thursday, May 25th. JPMorgan Chase & Co. lowered shares of Futu from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $65.00 to $46.00 in a research note on Wednesday, May 17th. Finally, Credit Suisse Group upgraded shares of Futu from a “neutral” rating to an “outperform” rating and set a $49.00 price target for the company in a research note on Thursday, May 25th. Three research analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $46.74.

View Our Latest Research Report on FUTU

Institutional Investors Weigh In On Futu

Several institutional investors have recently added to or reduced their stakes in the business. Hollencrest Capital Management acquired a new stake in Futu during the first quarter worth approximately $25,000. Ellevest Inc. lifted its position in Futu by 147.9% in the fourth quarter. Ellevest Inc. now owns 905 shares of the company’s stock valued at $37,000 after acquiring an additional 540 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Futu by 102.4% in the fourth quarter. Wells Fargo & Company MN now owns 923 shares of the company’s stock valued at $38,000 after acquiring an additional 467 shares in the last quarter. CoreCap Advisors LLC purchased a new position in shares of Futu during the fourth quarter worth about $76,000. Finally, Tobam acquired a new stake in shares of Futu during the first quarter worth about $78,000. Hedge funds and other institutional investors own 23.99% of the company’s stock.

Futu Price Performance

The firm has a market cap of $7.68 billion, a price-to-earnings ratio of 15.96, a PEG ratio of 1.00 and a beta of 0.85. The stock has a 50-day moving average price of $47.53 and a 200 day moving average price of $45.88.

Futu (NASDAQ:FUTU – Get Free Report) last released its quarterly earnings results on Wednesday, May 24th. The company reported $1.08 EPS for the quarter, topping the consensus estimate of $0.91 by $0.17. The company had revenue of $318.46 million for the quarter. Futu had a return on equity of 17.14% and a net margin of 41.87%. As a group, equities research analysts predict that Futu Holdings Limited will post 3.39 earnings per share for the current year.

About Futu

(Get Free Report)

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.

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