Futu (NASDAQ:FUTU) Given New $232.00 Price Target at Barclays

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 target price raised by stock analysts at Barclays from $176.00 to $232.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Barclays's price target would suggest a potential upside of 28.57% from the company's previous close.

A number of other brokerages have also issued reports on FUTU. Bank of America lifted their target price on Futu from $172.00 to $200.00 and gave the stock a "buy" rating in a research report on Thursday. Daiwa Capital Markets initiated coverage on Futu in a research report on Monday, August 11th. They set a "buy" rating and a $190.00 target price on the stock. Citigroup lifted their target price on Futu from $176.00 to $190.00 and gave the stock a "neutral" rating in a research report on Thursday. Finally, Daiwa America raised Futu to a "strong-buy" rating in a report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $176.14.

Futu Trading Up 1.0%

Shares of Futu stock opened at $180.45 on Friday. Futu has a twelve month low of $56.22 and a twelve month high of $184.45. The stock has a market capitalization of $25.11 billion, a P/E ratio of 25.03, a PEG ratio of 1.11 and a beta of 0.49. The business's fifty day moving average price is $145.54 and its 200 day moving average price is $117.85.

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 the consensus estimate of $1.95 by $0.01. Futu had a return on equity of 27.28% and a net margin of 44.25%.The company had revenue of $603.43 million for the quarter, compared to analyst estimates of $594.86 million. As a group, sell-side analysts predict that Futu will post 4.94 EPS for the current year.

Hedge Funds Weigh In On Futu

Several hedge funds and other institutional investors have recently made changes to their positions in FUTU. LPL Financial LLC acquired a new position in shares of Futu during the fourth quarter worth approximately $381,000. Envestnet Asset Management Inc. bought a new position in shares of Futu in the fourth quarter valued at $1,158,000. Raymond James Financial Inc. bought a new position in shares of Futu in the fourth quarter valued at $786,000. NewEdge Advisors LLC increased its holdings 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 raised its stake in Futu by 23.4% during the 4th quarter. Natixis now owns 3,635 shares of the company's stock valued at $291,000 after purchasing an additional 690 shares during the period.

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.

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