Brokerages Set Futu Holdings Limited (NASDAQ:FUTU) Price Target at $62.83

Shares of Futu Holdings Limited (NASDAQ:FUTU - Get Free Report) have received an average rating of "Moderate Buy" from the eight analysts that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $62.83.

Several research firms have recently commented on FUTU. UBS Group upgraded shares of Futu from a "neutral" rating to a "buy" rating and set a $67.00 price target on the stock in a report on Friday, January 5th. Citigroup lowered their price target on shares of Futu from $76.90 to $75.30 and set a "buy" rating on the stock in a report on Friday, March 15th. CLSA upgraded shares of Futu from an "underperform" rating to an "outperform" rating and boosted their price target for the company from $50.00 to $65.00 in a report on Monday, March 18th. Morgan Stanley upgraded shares of Futu from an "underweight" rating to an "equal weight" rating and boosted their price target for the company from $40.00 to $50.00 in a report on Thursday, January 4th. Finally, JPMorgan Chase & Co. cut shares of Futu from an "overweight" rating to a "neutral" rating and lowered their price target for the company from $64.00 to $62.00 in a report on Friday, March 15th.

Institutional Investors Weigh In On Futu

A number of large investors have recently bought and sold shares of FUTU. Acadian Asset Management LLC boosted its holdings in Futu by 11,970.7% during the third quarter. Acadian Asset Management LLC now owns 1,277,439 shares of the company's stock valued at $73,819,000 after acquiring an additional 1,266,856 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Futu during the third quarter valued at about $25,264,000. Canada Pension Plan Investment Board bought a new stake in Futu during the third quarter valued at about $22,823,000. SCEP Management Ltd bought a new stake in Futu during the third quarter valued at about $16,794,000. Finally, Prudential PLC boosted its holdings in Futu by 78.1% during the third quarter. Prudential PLC now owns 484,979 shares of the company's stock valued at $28,037,000 after acquiring an additional 212,622 shares during the period.

Futu Price Performance

NASDAQ:FUTU traded down $0.21 during trading hours on Wednesday, hitting $64.10. 1,136,030 shares of the stock traded hands, compared to its average volume of 1,470,646. The firm has a 50 day moving average price of $57.04 and a 200 day moving average price of $54.62. Futu has a fifty-two week low of $35.91 and a fifty-two week high of $68.92.

Futu (NASDAQ:FUTU - Get Free Report) last announced its earnings results on Thursday, March 14th. The company reported $0.81 earnings per share (EPS) for the quarter. Futu had a net margin of 42.77% and a return on equity of 18.46%. The company had revenue of $303.84 million for the quarter, compared to the consensus estimate of $374.14 million. Equities analysts expect that Futu will post 4.47 earnings per share for the current fiscal year.

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.