Futu Holdings Limited (NASDAQ:FUTU) Given Average Recommendation of “Hold” by Brokerages

Shares of Futu Holdings Limited (NASDAQ:FUTU) have been assigned an average recommendation of “Hold” from the seven ratings firms that are covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $51.11.

Several research analysts have recently issued reports on the stock. Citigroup raised their target price on shares of Futu from $62.90 to $68.00 and gave the stock a “buy” rating in a report on Friday, August 25th. TheStreet lowered Futu from a “b-” rating to a “c+” rating in a research note on Friday, July 7th. Credit Suisse Group raised Futu from a “neutral” rating to an “outperform” rating and set a $49.00 price target for the company in a research note on Thursday, May 25th. Finally, Bank of America raised Futu from an “underperform” rating to a “buy” rating and raised their price target for the stock from $32.15 to $62.80 in a research note on Monday, August 28th.

Futu Price Performance

Shares of NASDAQ FUTU opened at $58.99 on Tuesday. Futu has a one year low of $28.00 and a one year high of $72.20. The firm’s 50 day simple moving average is $53.81 and its two-hundred day simple moving average is $47.23. The stock has a market capitalization of $8.87 billion, a P/E ratio of 16.16, a PEG ratio of 0.89 and a beta of 0.86.

Futu (NASDAQ:FUTU) last issued its earnings results on Thursday, August 24th. The company reported $1.02 earnings per share (EPS) for the quarter. Futu had a net margin of 43.70% and a return on equity of 18.79%. The firm had revenue of $317.10 million for the quarter. As a group, equities analysts expect that Futu will post 3.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Futu

Several institutional investors and hedge funds have recently added to or reduced their stakes in FUTU. D1 Capital Partners L.P. purchased a new position in Futu during the first quarter valued at $93,742,000. Renaissance Technologies LLC raised its position in shares of Futu by 791.7% in the 4th quarter. Renaissance Technologies LLC now owns 1,697,800 shares of the company’s stock worth $69,016,000 after purchasing an additional 1,507,400 shares during the last quarter. Aspex Management HK Ltd raised its position in shares of Futu by 48.2% in the 1st quarter. Aspex Management HK Ltd now owns 4,520,281 shares of the company’s stock worth $234,377,000 after purchasing an additional 1,470,013 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Futu by 4,000.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 1,015,846 shares of the company’s stock worth $759,000 after purchasing an additional 991,074 shares during the last quarter. Finally, Two Sigma Advisers LP raised its position in shares of Futu by 5,357.7% in the 4th quarter. Two Sigma Advisers LP now owns 775,000 shares of the company’s stock worth $31,504,000 after purchasing an additional 760,800 shares during the last quarter. Hedge funds and other institutional investors own 20.75% of the company’s stock.

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.