Bank of America Issues Positive Forecast for Futu (NASDAQ:FUTU) Stock Price

Key Points

• Bank of America raised the price target for Futu (NASDAQ:FUTU) from $172.00 to $200.00 while maintaining a "buy" rating, indicating a potential upside of 11.94% from current levels.
• Futu has received multiple upgrades from analysts, including a "strong-buy" rating from Daiwa America and a boost from Citigroup increasing their target price to $176.00.
• The stock recently traded at $178.66, with a significant 12-month price range of $56.22 to $179.17, reflecting strong market interest and performance.

Futu (NASDAQ:FUTU - Free Report) had its target price raised by Bank of America from $172.00 to $200.00 in a research report sent to investors on Thursday,Benzinga reports. Bank of America currently has a buy rating on the stock.

Other equities research analysts have also issued research reports about the stock. Daiwa America raised shares of Futu to a "strong-buy" rating in a research note on Tuesday, August 12th. Citigroup lifted their target price on shares of Futu from $113.00 to $176.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Daiwa Capital Markets assumed coverage on shares of Futu in a report on Monday, August 11th. They issued a "buy" rating and a $190.00 target price on the stock. Finally, Barclays assumed coverage on shares of Futu in a report on Thursday, July 17th. They issued an "overweight" rating and a $176.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $176.14.

Futu Price Performance

Futu stock traded down $3.07 during midday trading on Thursday, reaching $191.67. The stock had a trading volume of 661,807 shares, compared to its average volume of 2,680,994. The firm's fifty day simple moving average is $148.55 and its two-hundred day simple moving average is $119.42. Futu has a twelve month low of $56.22 and a twelve month high of $197.35. The firm has a market cap of $26.67 billion, a price-to-earnings ratio of 26.58, a PEG ratio of 0.85 and a beta of 0.49.

Futu (NASDAQ:FUTU - Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The company reported $1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.01. Futu had a return on equity of 26.36% and a net margin of 44.25%.The business had revenue of $603.43 million during 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 fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Atlas Capital Advisors Inc. bought a new stake in Futu in the first quarter valued at about $26,000. Geneos Wealth Management Inc. bought a new stake in Futu in the first quarter valued at about $27,000. LFA Lugano Financial Advisors SA bought a new stake in Futu in the second quarter valued at about $28,000. Allianz SE bought a new stake in Futu in the first quarter valued at about $30,000. Finally, Hantz Financial Services Inc. increased its stake in Futu by 4,116.7% in the second quarter. Hantz Financial Services Inc. now owns 253 shares of the company's stock valued at $31,000 after acquiring an additional 247 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.