Futu (NASDAQ:FUTU) Announces Quarterly Earnings Results

Key Points

• Futu exceeded quarterly expectations: The company reported earnings of $3.33 per share, beating estimates of $2.98, while revenue reached $852.66 million versus the $786.07 million consensus.
• Shares opened higher at $109.42 after the results. Futu has a $15.34 billion market capitalization, a 12.04 price-to-earnings ratio, and a 12-month trading range of $80.50 to $202.53.
• Analyst sentiment remains mixed: Four analysts rate Futu a Buy and five rate it a Hold, producing a consensus Hold rating and a $158.27 price target; several firms recently downgraded or maintained neutral ratings.

Futu (NASDAQ:FUTU - Get Free Report) posted its earnings results on Thursday. The company reported $3.33 earnings per share for the quarter, beating the consensus estimate of $2.98 by $0.35, FiscalAI reports. Futu had a return on equity of 26.48% and a net margin of 41.87%.The company had revenue of $852.66 million for the quarter, compared to analyst estimates of $786.07 million.

Futu Stock Up 0.8%

Shares of FUTU opened at $109.42 on Thursday. The stock's 50-day moving average price is $100.75 and its 200 day moving average price is $126.58. The firm has a market capitalization of $15.34 billion, a price-to-earnings ratio of 12.04, a P/E/G ratio of 1.26 and a beta of 0.43. Futu has a 12-month low of $80.50 and a 12-month high of $202.53.

Hedge Funds Weigh In On Futu

Hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC acquired a new position in Futu in the first quarter worth about $235,000. Bank of Nova Scotia acquired a new stake in Futu during the second quarter valued at approximately $225,000. Advisory Services Network LLC acquired a new stake in Futu during the third quarter valued at approximately $212,000. Bayesian Capital Management LP bought a new stake in shares of Futu in the 2nd quarter valued at approximately $210,000. Finally, Evergreen Capital Management LLC bought a new stake in shares of Futu in the 2nd quarter valued at approximately $202,000.

Wall Street Analysts Forecast Growth

• Futu Holdings NASDAQ: FUTU Stock: Is the Chinese Fintech Company a Buy?

Several research firms have recently issued reports on FUTU. Zacks Research upgraded Futu from a "strong sell" rating to a "hold" rating in a research note on Monday, July 27th. The Goldman Sachs Group lowered Futu from a "buy" rating to a "neutral" rating and set a $102.13 target price for the company. in a report on Monday, May 25th. Jefferies Financial Group reaffirmed a "buy" rating and set a $170.50 target price on shares of Futu in a research report on Thursday, May 28th. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $87.00 price target (down from $300.00) on shares of Futu in a report on Friday, May 22nd. Finally, Wall Street Zen lowered shares of Futu from a "hold" rating to a "sell" rating in a research report on Saturday, May 30th. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $158.27.

About Futu

Futu Holdings Ltd. is a technology-driven brokerage and wealth management company that provides online brokerage services, market data, and investment tools to retail and institutional clients. Headquartered in Hong Kong and listed on the NASDAQ under the ticker FUTU, the company operates digital trading platforms that combine order execution, real-time quotes, news, and research tools to serve active investors and wealth management customers.

The firm's product suite includes brokerage access to equities, exchange-traded funds and derivatives across major markets, margin financing, initial public offering (IPO) subscription services, wealth management products and discretionary investment solutions.

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