Futu (NASDAQ:FUTU) Stock Price Up 5.1% Following Analyst Upgrade

Futu Holdings Limited (NASDAQ:FUTU - Get Free Report) shares shot up 5.1% during trading on Wednesday after Bank of America raised their price target on the stock from $123.70 to $143.90. Bank of America currently has a buy rating on the stock. Futu traded as high as $113.29 and last traded at $113.09. 1,096,341 shares traded hands during trading, a decline of 62% from the average session volume of 2,874,110 shares. The stock had previously closed at $107.57.

A number of other research analysts have also recently commented on the stock. UBS Group raised their price target on shares of Futu from $130.00 to $136.00 and gave the stock a "buy" rating in a research note on Monday, March 17th. JPMorgan Chase & Co. lifted their target price on shares of Futu from $160.00 to $170.00 and gave the company an "overweight" rating in a research note on Friday, March 14th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Futu presently has an average rating of "Moderate Buy" and an average target price of $131.98.

Institutional Trading of Futu

A number of hedge funds and other institutional investors have recently modified their holdings of FUTU. Atlas Capital Advisors Inc. acquired a new stake in shares of Futu in the first quarter valued at approximately $26,000. Geneos Wealth Management Inc. acquired a new stake in shares of Futu in the first quarter valued at approximately $27,000. Allianz SE acquired a new stake in shares of Futu in the first quarter valued at approximately $30,000. Smartleaf Asset Management LLC increased its holdings in shares of Futu by 1,245.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 444 shares of the company's stock valued at $36,000 after purchasing an additional 411 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Futu by 77.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 452 shares of the company's stock valued at $36,000 after purchasing an additional 197 shares in the last quarter.

Futu Stock Down 2.3%

The firm has a market cap of $15.51 billion, a price-to-earnings ratio of 27.33, a price-to-earnings-growth ratio of 0.79 and a beta of 0.58. The business's fifty day moving average is $98.80 and its two-hundred day moving average is $97.55.

Futu (NASDAQ:FUTU - Get Free Report) last released its earnings results on Thursday, May 29th. The company reported $1.96 EPS 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 during the quarter, compared to analyst estimates of $594.86 million. Research analysts forecast that Futu Holdings Limited will post 4.94 EPS for the current year.

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.