Futu (NASDAQ:FUTU) Upgraded at Morgan Stanley

Morgan Stanley upgraded shares of Futu (NASDAQ:FUTU) from an equal weight rating to an overweight rating in a report released on Monday morning, MarketBeat reports. They currently have $115.00 price objective on the stock, up from their prior price objective of $70.00.

Separately, 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 report on Friday, September 27th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $85.07.

Futu Price Performance

NASDAQ FUTU opened at $84.69 on Monday. The company has a fifty day moving average of $92.37 and a 200 day moving average of $75.56. The company has a market capitalization of $11.67 billion, a PE ratio of 20.76, a P/E/G ratio of 0.89 and a beta of 0.75. Futu has a 1 year low of $43.61 and a 1 year high of $130.50.

Futu (NASDAQ:FUTU) last issued its earnings results on Tuesday, August 20th. The company reported $1.11 EPS for the quarter. The firm had revenue of $400.73 million for the quarter. Futu had a return on equity of 17.33% and a net margin of 38.59%. Research analysts expect that Futu will post 4.81 earnings per share for the current year.

Hedge Funds Weigh In On Futu

Hedge funds and other institutional investors have recently made changes to their positions in the company. Marshall Wace LLP boosted its position in Futu by 71.5% during the second quarter. Marshall Wace LLP now owns 1,521,314 shares of the company’s stock worth $99,813,000 after acquiring an additional 634,369 shares during the last quarter. E Fund Management Co. Ltd. purchased a new position in Futu during the second quarter worth about $31,490,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Futu by 502.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,746 shares of the company’s stock valued at $53,444,000 after purchasing an additional 465,961 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Futu in the 3rd quarter valued at approximately $39,943,000. Finally, Veritas Asset Management LLP purchased a new stake in shares of Futu during the 3rd quarter valued at approximately $39,547,000.

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.