Futu Holdings Limited (NASDAQ:FUTU - Get Free Report)'s stock price gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $107.71, but opened at $114.80. Futu shares last traded at $115.42, with a volume of 1,391,411 shares trading hands.
The company reported $1.96 earnings per share for the quarter, topping analysts' consensus estimates of $1.95 by $0.01. Futu had a net margin of 38.59% and a return on equity of 16.86%. The firm had revenue of $603.43 million for the quarter, compared to analyst estimates of $594.86 million.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on FUTU. JPMorgan Chase & Co. upped their target price on shares of Futu from $160.00 to $170.00 and gave the stock an "overweight" rating in a research note on Friday, March 14th. UBS Group increased their price target on shares of Futu from $130.00 to $136.00 and gave the company a "buy" rating in a research note on Monday, March 17th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, Futu currently has a consensus rating of "Moderate Buy" and an average price target of $121.20.
View Our Latest Analysis on FUTU
Institutional Investors Weigh In On Futu
Several large investors have recently modified their holdings of FUTU. Hhlr Advisors LTD. boosted its holdings in shares of Futu by 285.2% in the first quarter. Hhlr Advisors LTD. now owns 4,307,492 shares of the company's stock valued at $440,872,000 after acquiring an additional 3,189,189 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Futu during the fourth quarter worth $116,315,000. Trivest Advisors Ltd acquired a new stake in shares of Futu during the first quarter worth $98,651,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Futu by 883.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 989,367 shares of the company's stock worth $101,262,000 after purchasing an additional 888,760 shares during the period. Finally, Yong Rong HK Asset Management Ltd acquired a new stake in Futu in the first quarter valued at $77,172,000.
Futu Stock Down 5.3%
The business has a fifty day simple moving average of $96.28 and a 200 day simple moving average of $95.97. The company has a market cap of $14.15 billion, a price-to-earnings ratio of 24.92, a P/E/G ratio of 0.79 and a beta of 0.67.
About Futu
(
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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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