Futu (NASDAQ:FUTU) Announces Earnings Results, Beats Expectations By $0.01 EPS

Futu (NASDAQ:FUTU - Get Free Report) released its quarterly earnings results on Thursday. The company reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.95 by $0.01, Zacks reports. The firm had revenue of $603.43 million for the quarter, compared to analysts' expectations of $594.86 million. Futu had a net margin of 38.59% and a return on equity of 16.86%.

Futu Stock Down 5.3%

Futu stock traded down $5.67 during midday trading on Friday, hitting $101.69. 3,659,905 shares of the stock were exchanged, compared to its average volume of 2,856,173. The stock has a market capitalization of $14.15 billion, a price-to-earnings ratio of 24.92, a price-to-earnings-growth ratio of 0.79 and a beta of 0.67. The business's 50-day moving average price is $96.28 and its 200-day moving average price is $95.97. Futu has a 52-week low of $51.80 and a 52-week high of $130.88.

Institutional Trading of Futu

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Geneos Wealth Management Inc. purchased a new stake in shares of Futu in the 1st quarter valued at $27,000. Jones Financial Companies Lllp increased its stake in Futu by 442.4% during the 1st quarter. Jones Financial Companies Lllp now owns 640 shares of the company's stock valued at $66,000 after purchasing an additional 522 shares in the last quarter. AQR Capital Management LLC bought a new stake in Futu during the 1st quarter valued at about $235,000. Finally, Goldman Sachs Group Inc. grew its stake in shares of Futu by 3.7% in the first quarter. Goldman Sachs Group Inc. now owns 459,175 shares of the company's stock worth $46,997,000 after acquiring an additional 16,255 shares during the period.

Wall Street Analyst Weigh In

Several research firms have weighed in on FUTU. UBS Group increased their price target on shares of Futu from $130.00 to $136.00 and gave the company a "buy" rating in a report on Monday, March 17th. JPMorgan Chase & Co. increased their price target 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 assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $121.20.

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.