Citigroup Downgrades Futu (NASDAQ:FUTU) to Neutral

Citigroup cut shares of Futu (NASDAQ:FUTU) from a buy rating to a neutral rating in a research report released on Tuesday, Marketbeat.com reports. They currently have $95.00 price objective on the stock, up from their prior price objective of $79.00.

A number of other analysts also recently issued reports on the company. Morgan Stanley upgraded Futu from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $70.00 to $115.00 in a research report on Monday. Bank of America lifted their target price on shares of Futu from $80.20 to $90.00 and gave the company a “buy” rating in a research report on Friday, September 27th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $85.07.

Futu Trading Down 6.1 %

FUTU opened at $86.70 on Tuesday. The company has a 50 day moving average of $91.22 and a 200 day moving average of $75.40. Futu has a 12 month low of $43.61 and a 12 month high of $130.50. The company has a market cap of $11.95 billion, a PE ratio of 22.40, a price-to-earnings-growth ratio of 0.93 and a beta of 0.75.

Futu (NASDAQ:FUTU) last announced its quarterly earnings results on Tuesday, August 20th. The company reported $1.11 earnings per share (EPS) for the quarter. The firm had revenue of $400.73 million for the quarter. Futu had a net margin of 39.27% and a return on equity of 16.77%. Research analysts forecast that Futu will post 4.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Futu

Large investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC boosted its holdings in Futu by 14.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 877 shares of the company’s stock worth $84,000 after purchasing an additional 112 shares during the last quarter. CIBC Asset Management Inc boosted its stake in shares of Futu by 4.3% in the 3rd quarter. CIBC Asset Management Inc now owns 5,403 shares of the company’s stock worth $517,000 after buying an additional 222 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of Futu by 3.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 7,346 shares of the company’s stock worth $394,000 after buying an additional 230 shares during the last quarter. Signaturefd LLC grew its holdings in shares of Futu by 8.4% in the second quarter. Signaturefd LLC now owns 3,205 shares of the company’s stock worth $210,000 after acquiring an additional 247 shares during the period. Finally, CWM LLC increased its position in Futu by 67.7% during the third quarter. CWM LLC now owns 743 shares of the company’s stock valued at $71,000 after acquiring an additional 300 shares during the last quarter.

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.