Futu Holdings Limited (NASDAQ:FUTU – Get Free Report) shares gapped up prior to trading on Friday . The stock had previously closed at $57.09, but opened at $60.14. Futu shares last traded at $59.70, with a volume of 527,044 shares changing hands.
Analysts Set New Price Targets
A number of analysts have commented on the company. Citigroup raised their price objective on Futu from $62.90 to $68.00 and gave the stock a “buy” rating in a research report on Friday, August 25th. Bank of America upgraded Futu from an “underperform” rating to a “buy” rating and raised their price objective for the stock from $32.15 to $62.80 in a research report on Monday, August 28th. Finally, TheStreet downgraded Futu from a “b-” rating to a “c+” rating in a research report on Friday, July 7th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $51.11.
Check Out Our Latest Research Report on FUTU
Futu Stock Performance
Futu (NASDAQ:FUTU – Get Free Report) last released its quarterly earnings results on Thursday, August 24th. The company reported $1.02 earnings per share for the quarter. Futu had a return on equity of 18.79% and a net margin of 43.70%. The firm had revenue of $317.10 million during the quarter. Sell-side analysts anticipate that Futu Holdings Limited will post 4.4 EPS for the current fiscal year.
Institutional Investors Weigh In On Futu
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Aspex Management HK Ltd increased its holdings in Futu by 48.2% during the 1st quarter. Aspex Management HK Ltd now owns 4,520,281 shares of the company’s stock valued at $234,377,000 after purchasing an additional 1,470,013 shares in the last quarter. BlackRock Inc. increased its stake in shares of Futu by 4.3% in the 3rd quarter. BlackRock Inc. now owns 2,836,279 shares of the company’s stock valued at $105,765,000 after buying an additional 116,706 shares during the period. D1 Capital Partners L.P. acquired a new stake in shares of Futu in the 1st quarter valued at $93,742,000. Renaissance Technologies LLC increased its stake in shares of Futu by 791.7% in the 4th quarter. Renaissance Technologies LLC now owns 1,697,800 shares of the company’s stock valued at $69,016,000 after buying an additional 1,507,400 shares during the period. Finally, Morgan Stanley increased its stake in shares of Futu by 33.8% in the 4th quarter. Morgan Stanley now owns 1,371,112 shares of the company’s stock valued at $55,736,000 after buying an additional 346,382 shares during the period. 20.75% of the stock is owned by institutional investors and hedge funds.
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.
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