Bank of America Raises Futu (NASDAQ:FUTU) Price Target to $143.90

Futu (NASDAQ:FUTU) had its price objective upped by equities research analysts at Bank of America from $123.70 to $143.90 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price objective would suggest a potential upside of 26.10% from the company’s current price.

A number of other brokerages have also recently issued reports on FUTU. JPMorgan Chase & Co. upped their target price on shares of Futu from $160.00 to $170.00 and gave the company an “overweight” rating in a report on Friday, March 14th. UBS Group lifted their target price on Futu from $130.00 to $136.00 and gave the stock a “buy” rating in a report on Monday, March 17th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $131.98.

Futu Price Performance

FUTU opened at $114.12 on Wednesday. The business’s 50-day moving average price is $98.07 and its two-hundred day moving average price is $97.28. Futu has a 1 year low of $51.80 and a 1 year high of $130.88. The company has a market capitalization of $15.88 billion, a price-to-earnings ratio of 27.97, a P/E/G ratio of 0.79 and a beta of 0.58.

Futu (NASDAQ:FUTU) last issued its quarterly earnings results on Thursday, May 29th. The company reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate 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. Sell-side analysts anticipate that Futu will post 4.94 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Futu

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Mackenzie Financial Corp lifted its holdings in shares of Futu by 2.0% in the fourth quarter. Mackenzie Financial Corp now owns 4,475 shares of the company’s stock worth $358,000 after acquiring an additional 87 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Futu by 1.2% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,326 shares of the company’s stock valued at $746,000 after acquiring an additional 113 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Futu by 0.6% during the 4th quarter. Rhumbline Advisers now owns 23,023 shares of the company’s stock valued at $1,842,000 after purchasing an additional 144 shares in the last quarter. Vestcor Inc boosted its holdings in shares of Futu by 19.2% during the 4th quarter. Vestcor Inc now owns 907 shares of the company’s stock worth $73,000 after buying an additional 146 shares in the last quarter. Finally, Voya Investment Management LLC grew its holdings in Futu by 1.6% in the fourth quarter. Voya Investment Management LLC now owns 9,549 shares of the company’s stock worth $764,000 after purchasing an additional 153 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.