Futu (NASDAQ:FUTU) Rating Increased to Strong-Buy at Daiwa America

Key Points

• Daiwa America upgraded Futu's stock rating to a "strong-buy," indicating increased confidence from analysts in the company's future performance.
• Futu's stock price has seen a significant rise, with a current market cap of $22.98 billion and a 1-year peak of $174.36.
• Several analysts have set optimistic target prices for Futu, with estimates as high as $190.00 from Daiwa Capital Markets and $176.00 from Citigroup.

Daiwa America upgraded shares of Futu (NASDAQ:FUTU - Free Report) to a strong-buy rating in a research note published on Tuesday,Zacks.com reports.

A number of other analysts also recently issued reports on the stock. Barclays initiated coverage on shares of Futu in a report on Thursday, July 17th. They set an "overweight" rating and a $176.00 price target on the stock. Daiwa Capital Markets assumed coverage on shares of Futu in a report on Monday. They set a "buy" rating and a $190.00 price target on the stock. Citigroup raised their price objective on shares of Futu from $113.00 to $176.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Finally, Bank of America raised their target price on shares of Futu from $123.70 to $143.90 and gave the stock a "buy" rating in a research note on Wednesday, June 11th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $158.13.

Futu Price Performance

FUTU stock traded down $0.50 during trading on Tuesday, hitting $174.25. 1,489,984 shares of the stock traded hands, compared to its average volume of 2,437,347. Futu has a 1 year low of $56.22 and a 1 year high of $179.17. The firm's 50 day moving average is $140.43 and its two-hundred day moving average is $115.68. The stock has a market cap of $24.25 billion, a price-to-earnings ratio of 29.04, a price-to-earnings-growth ratio of 1.08 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 EPS for the quarter, beating the consensus estimate of $1.95 by $0.01. Futu had a net margin of 41.74% and a return on equity of 23.07%. The company had revenue of $603.43 million for the quarter, compared to the consensus estimate of $594.86 million. As a group, analysts anticipate that Futu will post 4.94 EPS for the current fiscal year.

Institutional Investors Weigh In On Futu

Institutional investors and hedge funds have recently modified their holdings of the stock. Atlas Capital Advisors Inc. purchased a new position in shares of Futu in the first quarter valued at $26,000. Geneos Wealth Management Inc. purchased a new position in Futu during the first quarter worth $27,000. LFA Lugano Financial Advisors SA purchased a new position in Futu during the second quarter worth $28,000. Allianz SE purchased a new position in Futu during the first quarter worth $30,000. Finally, Hantz Financial Services Inc. boosted its stake in Futu by 4,116.7% during the second quarter. Hantz Financial Services Inc. now owns 253 shares of the company's stock worth $31,000 after buying 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.