Futu (NASDAQ:FUTU) Hits New 12-Month High - What's Next?

Key Points

• Futu Holdings Limited's stock reached a new 52-week high, trading at $174.80, with a closing price of $174.41 and a significant volume of over 1.79 million shares exchanged.
• Multiple analysts have issued reports rating Futu shares positively, with price targets ranging from $143.90 to $190.00, indicating strong growth expectations for the company.
• Futu reported earnings of $1.96 per share, exceeding analysts' expectations, along with revenues of $603.43 million for the previous quarter.

Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Get Free Report) reached a new 52-week high during trading on Wednesday . The stock traded as high as $174.80 and last traded at $174.41, with a volume of 1793252 shares traded. The stock had previously closed at $165.18.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on FUTU shares. Daiwa America upgraded shares of Futu to a "strong-buy" rating in a report on Tuesday. Bank of America increased 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. Daiwa Capital Markets started coverage on shares of Futu in a report on Monday. They issued a "buy" rating and a $190.00 price objective for the company. Citigroup increased their price objective on shares of Futu from $113.00 to $176.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Finally, Barclays started coverage on shares of Futu in a report on Thursday, July 17th. They issued an "overweight" rating and a $176.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $158.13.

Futu Price Performance

The stock has a market capitalization of $24.44 billion, a P/E ratio of 29.26, a PEG ratio of 0.99 and a beta of 0.49. The stock's fifty day moving average is $136.44 and its two-hundred day moving average is $114.18.

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

Hedge Funds Weigh In On Futu

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Atlas Capital Advisors Inc. acquired a new position in Futu in the 1st quarter worth approximately $26,000. Geneos Wealth Management Inc. acquired a new position in Futu in the 1st quarter worth approximately $27,000. LFA Lugano Financial Advisors SA acquired a new position in Futu in the 2nd quarter worth approximately $28,000. Allianz SE acquired a new position in Futu in the 1st quarter worth approximately $30,000. Finally, Hantz Financial Services Inc. boosted its stake in Futu by 4,116.7% in the 2nd quarter. Hantz Financial Services Inc. now owns 253 shares of the company's stock worth $31,000 after purchasing an additional 247 shares during the period.

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.

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