Zacks Investment Research Upgrades Futu (NASDAQ:FUTU) to Hold

Futu (NASDAQ:FUTUGet Rating) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “Futu Holdings Limited is a technology company which offers a digitized brokerage platform. It is primarily engaged in the online brokerage services and margin financing services. The Company provides investing services through its digital platform, Futu NiuNiu, an integrated application accessible through any mobile device, tablet or desktop. Futu Holdings Limited is based in NEW YORK. “

FUTU has been the subject of several other research reports. TheStreet upgraded Futu from a “d+” rating to a “c” rating in a research note on Monday, March 14th. Citigroup reduced their price objective on Futu from $79.00 to $46.50 in a research note on Monday, March 14th. Finally, CLSA cut Futu from an “outperform” rating to an “underperform” rating and reduced their price objective for the company from $64.00 to $27.00 in a research note on Monday, March 14th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $100.68.

NASDAQ FUTU opened at $31.30 on Tuesday. The company has a market cap of $4.71 billion, a P/E ratio of 13.04, a P/E/G ratio of 1.11 and a beta of 0.83. The stock has a 50-day moving average of $34.04 and a two-hundred day moving average of $41.31. Futu has a 1-year low of $21.23 and a 1-year high of $181.44.

Futu (NASDAQ:FUTUGet Rating) last released its earnings results on Friday, March 11th. The company reported $0.42 earnings per share for the quarter. The company had revenue of $205.50 million during the quarter. Futu had a return on equity of 15.41% and a net margin of 39.50%. On average, sell-side analysts anticipate that Futu will post 1.92 EPS for the current fiscal year.

Several large investors have recently added to or reduced their stakes in the company. JAT Capital Mgmt LP acquired a new position in shares of Futu in the first quarter valued at approximately $2,951,000. State Street Corp grew its holdings in Futu by 5.0% during the first quarter. State Street Corp now owns 1,076,352 shares of the company’s stock worth $35,062,000 after acquiring an additional 50,867 shares during the period. Industrial Alliance Investment Management Inc. grew its holdings in Futu by 134.0% during the first quarter. Industrial Alliance Investment Management Inc. now owns 23,876 shares of the company’s stock worth $778,000 after acquiring an additional 13,671 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Futu by 15.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 28,268 shares of the company’s stock worth $921,000 after acquiring an additional 3,800 shares during the period. Finally, USS Investment Management Ltd acquired a new position in Futu during the first quarter worth $742,000. 23.33% of the stock is currently owned by institutional investors and hedge funds.

About Futu (Get Rating)

Futu Holdings Limited operates an online brokerage and wealth management platform in Hong Kong and internationally. The company provides trading, clearing, and settlement services; margin financing and securities lending services; and stock yield enhancement program. It also offers online wealth management services under the brand of Futu Money Plus through its Futubull and moomoo platforms, which give access to mutual funds, private funds, and bonds; market data and information services; and NiuNiu Community, which serves as an open forum for users and clients to share insights, ask questions, and exchange ideas.

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