Futu (NASDAQ:FUTU) Shares Up 3.8%

Futu Holdings Limited (NASDAQ:FUTU)’s stock price shot up 3.8% during mid-day trading on Tuesday . The stock traded as high as $100.56 and last traded at $99.30. 1,761,206 shares changed hands during mid-day trading, an increase of 9% from the average session volume of 1,612,058 shares. The stock had previously closed at $95.65.

Analyst Ratings Changes

Separately, Bank of America increased their price target on Futu from $80.20 to $90.00 and gave the stock a “buy” rating in a research note on Friday. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.97.

Futu Stock Performance

The company has a market capitalization of $14.35 billion, a price-to-earnings ratio of 26.62, a price-to-earnings-growth ratio of 1.04 and a beta of 0.72. The firm’s 50-day simple moving average is $62.82 and its 200-day simple moving average is $64.88.

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

Hedge Funds Weigh In On Futu

Institutional investors have recently modified their holdings of the stock. Susquehanna Fundamental Investments LLC bought a new position in shares of Futu in the first quarter worth about $747,000. Seven Eight Capital LP acquired a new stake in shares of Futu during the 2nd quarter worth approximately $1,956,000. HCEP Management Ltd grew its position in shares of Futu by 37.7% during the 4th quarter. HCEP Management Ltd now owns 400,000 shares of the company’s stock worth $21,852,000 after buying an additional 109,499 shares during the period. Prudential PLC grew its position in shares of Futu by 23.2% during the 4th quarter. Prudential PLC now owns 597,476 shares of the company’s stock worth $32,640,000 after buying an additional 112,497 shares during the period. Finally, National Bank of Canada FI grew its position in shares of Futu by 3,253,333.3% during the 2nd quarter. National Bank of Canada FI now owns 292,809 shares of the company’s stock worth $18,790,000 after buying an additional 292,800 shares during the period.

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.