Barclays Initiates Coverage on Futu (NASDAQ:FUTU)

Investment analysts at Barclays initiated coverage on shares of Futu (NASDAQ:FUTU - Get Free Report) in a research note issued to investors on Thursday, Marketbeat Ratings reports. The firm set an "overweight" rating and a $176.00 price target on the stock. Barclays's price objective points to a potential upside of 9.61% from the stock's previous close.

Separately, Bank of America upped their price objective on shares of Futu from $123.70 to $143.90 and gave the company a "buy" rating in a report on Wednesday, June 11th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Futu currently has an average rating of "Moderate Buy" and a consensus target price of $139.32.

Futu Price Performance

Shares of Futu stock traded up $10.51 during trading on Thursday, hitting $160.57. The stock had a trading volume of 6,478,908 shares, compared to its average volume of 3,006,271. Futu has a 12 month low of $51.80 and a 12 month high of $169.80. The firm's fifty day simple moving average is $119.49 and its 200-day simple moving average is $105.10. The stock has a market cap of $22.34 billion, a PE ratio of 26.76, a PEG ratio of 1.18 and a beta of 0.60.

Futu (NASDAQ:FUTU - Get Free Report) last released its earnings results on Thursday, May 29th. The company reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.01. The company had revenue of $603.43 million for the quarter, compared to the consensus estimate of $594.86 million. Futu had a net margin of 41.74% and a return on equity of 23.07%. Analysts expect that Futu will post 4.94 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Atlas Capital Advisors Inc. acquired a new position in shares of Futu in the 1st quarter valued at approximately $26,000. Geneos Wealth Management Inc. acquired a new position in shares of Futu in the 1st quarter valued at approximately $27,000. Allianz SE acquired a new position in shares of Futu in the 1st quarter valued at approximately $30,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Futu by 77.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 452 shares of the company's stock valued at $36,000 after purchasing an additional 197 shares in the last quarter. Finally, SVB Wealth LLC acquired a new position in shares of Futu in the 1st quarter valued at approximately $40,000.

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.