Futu Holdings Limited (NASDAQ:FUTU) Receives $62.83 Average Price Target from Analysts

Futu Holdings Limited (NASDAQ:FUTU) has received an average recommendation of “Moderate Buy” from the eight research firms that are presently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $62.83.

Several analysts have issued reports on FUTU shares. CLSA upgraded Futu from an “underperform” rating to an “outperform” rating and boosted their target price for the company from $50.00 to $65.00 in a research note on Monday, March 18th. JPMorgan Chase & Co. downgraded shares of Futu from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $64.00 to $62.00 in a research note on Friday, March 15th. UBS Group upgraded shares of Futu from a “neutral” rating to a “buy” rating and set a $67.00 price objective for the company in a research note on Friday, January 5th. Finally, Citigroup dropped their target price on Futu from $76.90 to $75.30 and set a “buy” rating on the stock in a research report on Friday, March 15th.

Futu Trading Up 0.1 %

NASDAQ FUTU opened at $71.78 on Wednesday. Futu has a 1 year low of $35.91 and a 1 year high of $72.89. The company has a fifty day moving average price of $57.46 and a 200-day moving average price of $54.74.

Futu (NASDAQ:FUTU) last announced its earnings results on Thursday, March 14th. The company reported $0.81 earnings per share (EPS) for the quarter. Futu had a return on equity of 18.46% and a net margin of 42.77%. The firm had revenue of $303.84 million during the quarter, compared to analyst estimates of $374.14 million. Equities research analysts forecast that Futu will post 4.47 EPS for the current year.

Hedge Funds Weigh In On Futu

Large investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC grew its position in Futu by 11,970.7% in the 3rd quarter. Acadian Asset Management LLC now owns 1,277,439 shares of the company’s stock worth $73,819,000 after purchasing an additional 1,266,856 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Futu in the third quarter worth about $25,264,000. Canada Pension Plan Investment Board purchased a new stake in shares of Futu during the 3rd quarter valued at about $22,823,000. SCEP Management Ltd bought a new stake in Futu during the third quarter valued at approximately $16,794,000. Finally, Prudential PLC increased 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 buying an additional 212,622 shares during the last quarter.

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.