Futu (NASDAQ:FUTU) Stock Price Expected to Rise, Barclays Analyst Says

Key Points

• Barclays has raised Futu's price target from $176.00 to $232.00, indicating a potential upside of 28.57% from the company's previous close.
• Other brokerages like Bank of America and Citigroup have also increased their target prices for Futu, reflecting a strong consensus among analysts with an average target of $176.14.
• Futu reported a quarterly earnings per share of $1.96, slightly beating estimates, with revenue of $603.43 million for the quarter.

Futu (NASDAQ:FUTU - Get Free Report) had its price target hoisted by Barclays from $176.00 to $232.00 in a research note issued to investors on Friday, Marketbeat reports. The brokerage presently has an "overweight" rating on the stock. Barclays's price target points to a potential upside of 26.78% from the company's current price.

Several other brokerages have also issued reports on FUTU. Daiwa Capital Markets assumed coverage on Futu in a research report on Monday, August 11th. They issued a "buy" rating and a $190.00 price objective for the company. Citigroup upped their target price on shares of Futu from $176.00 to $190.00 and gave the stock a "neutral" rating in a research note on Thursday, August 21st. Daiwa America upgraded Futu to a "strong-buy" rating in a report on Tuesday, August 12th. Finally, Bank of America lifted their price target on Futu from $172.00 to $200.00 and gave the company a "buy" rating in a research note on Thursday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $176.14.

Futu Stock Performance

NASDAQ:FUTU traded down $6.96 during trading hours on Friday, hitting $182.99. The stock had a trading volume of 1,660,028 shares, compared to its average volume of 2,682,838. The business's 50 day moving average is $149.91 and its 200-day moving average is $119.91. The company has a market cap of $25.46 billion, a price-to-earnings ratio of 25.38, a P/E/G ratio of 0.86 and a beta of 0.49. Futu has a one year low of $56.22 and a one year high of $197.35.

Futu (NASDAQ:FUTU - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The company reported $1.96 EPS for the quarter, beating analysts' consensus estimates of $1.95 by $0.01. Futu had a net margin of 44.25% and a return on equity of 26.36%. The business had revenue of $603.43 million during the quarter, compared to analysts' expectations of $594.86 million. On average, sell-side analysts anticipate that Futu will post 4.94 EPS for the current fiscal year.

Hedge Funds Weigh In On Futu

Hedge funds have recently modified their holdings of the stock. LPL Financial LLC acquired a new position in Futu during the fourth quarter valued at approximately $381,000. Envestnet Asset Management Inc. acquired a new stake in shares of Futu in the 4th quarter valued at approximately $1,158,000. Raymond James Financial Inc. acquired a new stake in shares of Futu in the 4th quarter valued at approximately $786,000. NewEdge Advisors LLC grew its stake in shares of Futu by 17,800.0% in the fourth quarter. NewEdge Advisors LLC now owns 3,043 shares of the company's stock valued at $243,000 after buying an additional 3,026 shares in the last quarter. Finally, Natixis increased its holdings in Futu by 23.4% during the fourth quarter. Natixis now owns 3,635 shares of the company's stock worth $291,000 after buying an additional 690 shares during the last quarter.

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.