Futu (NASDAQ:FUTU) Price Target Raised to $90.00

Futu (NASDAQ:FUTU) had its target price lifted by Bank of America from $80.20 to $90.00 in a report issued on Friday, Benzinga reports. They currently have a buy rating on the stock.

Futu Stock Performance

Shares of FUTU stock opened at $85.68 on Friday. The firm has a market cap of $11.81 billion, a price-to-earnings ratio of 22.67, a PEG ratio of 1.04 and a beta of 0.72. Futu has a 1 year low of $43.61 and a 1 year high of $85.99. The stock’s 50-day moving average is $62.15 and its two-hundred day moving average is $64.60.

Futu (NASDAQ:FUTU) last released its quarterly earnings results on Tuesday, August 20th. The company reported $1.11 EPS for the quarter. Futu had a net margin of 39.27% and a return on equity of 16.77%. The firm had revenue of $400.73 million during the quarter. As a group, research analysts predict that Futu will post 4.51 EPS for the current year.

Institutional Investors Weigh In On Futu

A number of institutional investors and hedge funds have recently modified their holdings of FUTU. Marshall Wace LLP raised its position in shares of Futu by 71.5% during the 2nd quarter. Marshall Wace LLP now owns 1,521,314 shares of the company’s stock worth $99,813,000 after purchasing an additional 634,369 shares during the last quarter. Prudential PLC raised its holdings in shares of Futu by 23.2% in the fourth quarter. Prudential PLC now owns 597,476 shares of the company’s stock worth $32,640,000 after acquiring an additional 112,497 shares during the last quarter. E Fund Management Co. Ltd. acquired a new position in shares of Futu in the second quarter worth $31,490,000. HCEP Management Ltd boosted its stake in shares of Futu by 37.7% during the fourth quarter. HCEP Management Ltd now owns 400,000 shares of the company’s stock valued at $21,852,000 after acquiring an additional 109,499 shares during the last quarter. Finally, National Bank of Canada FI boosted its stake in shares of Futu by 3,253,333.3% during the second quarter. National Bank of Canada FI now owns 292,809 shares of the company’s stock valued at $18,790,000 after acquiring an additional 292,800 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.