Futu (NASDAQ:FUTU) Stock Price Up 5.1% on Analyst Upgrade

Futu Holdings Limited (NASDAQ:FUTU) shares shot 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. 1,096,341 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 2,874,110 shares. The stock had previously closed at $107.57.

Other equities analysts have also issued reports about the stock. UBS Group upped their price target on shares of Futu from $130.00 to $136.00 and gave the stock a “buy” rating in a research report on Monday, March 17th. JPMorgan Chase & Co. upped their target price on shares of Futu from $160.00 to $170.00 and gave the stock an “overweight” rating in a research report on Friday, March 14th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $131.98.

Hedge Funds Weigh In On Futu

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Hhlr Advisors LTD. raised its stake in Futu by 285.2% during the first quarter. Hhlr Advisors LTD. now owns 4,307,492 shares of the company’s stock valued at $440,872,000 after purchasing an additional 3,189,189 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Futu in the 4th quarter worth about $116,315,000. Trivest Advisors Ltd bought a new stake in shares of Futu in the 1st quarter worth about $98,651,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Futu by 883.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 989,367 shares of the company’s stock worth $101,262,000 after acquiring an additional 888,760 shares during the last quarter. Finally, Yong Rong HK Asset Management Ltd purchased a new position in Futu in the 1st quarter worth about $77,172,000.

Futu Trading Down 0.5%

The company has a market cap of $15.88 billion, a PE ratio of 27.97, a P/E/G ratio of 0.79 and a beta of 0.58. The company’s 50 day moving average is $98.07 and its 200 day moving average is $97.28.

Futu (NASDAQ:FUTU) last released 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. Futu had a net margin of 38.59% and a return on equity of 16.86%. The business had revenue of $603.43 million for the quarter, compared to analysts’ expectations of $594.86 million. Analysts expect 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.