Barclays Initiates Coverage on Futu (NASDAQ:FUTU)

Investment analysts at Barclays initiated coverage on shares of Futu (NASDAQ:FUTU) in a note issued to investors on Thursday, MarketBeat.com reports. The brokerage set an “overweight” rating and a $176.00 price target on the stock. Barclays‘s price objective indicates a potential upside of 9.61% from the stock’s current price.

Separately, Bank of America upped their target price on shares of Futu from $123.70 to $143.90 and gave the company a “buy” rating in a report on Wednesday, June 11th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $139.32.

Futu Stock Up 7.0%

Shares of FUTU opened at $160.57 on Thursday. The stock has a fifty day simple moving average of $119.49 and a two-hundred day simple moving average of $105.10. Futu has a 52-week low of $51.80 and a 52-week high of $169.80. The company has a market capitalization of $22.34 billion, a PE ratio of 26.76, a price-to-earnings-growth ratio of 1.18 and a beta of 0.60.

Futu (NASDAQ:FUTU) last posted its earnings results on Thursday, May 29th. The company reported $1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.01. The firm had revenue of $603.43 million for the quarter, compared to analyst estimates of $594.86 million. Futu had a return on equity of 23.07% and a net margin of 41.74%. As a group, equities analysts anticipate that Futu will post 4.94 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Futu

Several hedge funds have recently modified their holdings of FUTU. Hhlr Advisors LTD. raised its position in Futu by 285.2% during the first quarter. Hhlr Advisors LTD. now owns 4,307,492 shares of the company’s stock valued at $440,872,000 after buying an additional 3,189,189 shares during the period. Greenwoods Asset Management Hong Kong Ltd. grew its stake in Futu by 48.2% during the 1st quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 1,901,635 shares of the company’s stock valued at $194,632,000 after acquiring an additional 618,701 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Futu by 30.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,786,247 shares of the company’s stock valued at $182,824,000 after purchasing an additional 417,620 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in shares of Futu in the 4th quarter valued at about $116,315,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Futu by 883.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 989,367 shares of the company’s stock worth $101,262,000 after purchasing an additional 888,760 shares in 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.