Morgan Stanley Upgrades Futu (NASDAQ:FUTU) to Overweight

Futu (NASDAQ:FUTU) was upgraded by equities research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report released on Monday, Marketbeat reports. The brokerage currently has a $115.00 price target on the stock, up from their prior price target of $70.00. Morgan Stanley’s price target suggests a potential upside of 32.64% from the company’s previous close.

Separately, Bank of America increased their price objective on shares of Futu from $80.20 to $90.00 and gave the company a “buy” rating in a research report on Friday, September 27th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $85.07.

Futu Stock Down 6.1 %

Futu stock opened at $86.70 on Monday. The firm has a market cap of $11.95 billion, a PE ratio of 22.40, a price-to-earnings-growth ratio of 0.93 and a beta of 0.75. Futu has a 52-week low of $43.61 and a 52-week high of $130.50. The company’s 50 day moving average is $91.22 and its two-hundred day moving average is $75.40.

Futu (NASDAQ:FUTU) last announced its quarterly earnings data on Tuesday, August 20th. The company reported $1.11 EPS for the quarter. Futu had a net margin of 39.27% and a return on equity of 16.77%. The company had revenue of $400.73 million for the quarter. On average, equities research analysts anticipate that Futu will post 4.75 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Toronto Dominion Bank grew its position in shares of Futu by 61.8% in the 3rd quarter. Toronto Dominion Bank now owns 11,482 shares of the company’s stock valued at $1,098,000 after buying an additional 4,387 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Futu by 3.3% in the 3rd quarter. Geode Capital Management LLC now owns 545,949 shares of the company’s stock valued at $51,475,000 after buying an additional 17,513 shares during the last quarter. M&T Bank Corp purchased a new position in shares of Futu in the 3rd quarter valued at $203,000. Public Employees Retirement System of Ohio purchased a new position in Futu during the 3rd quarter worth $373,000. Finally, Y Intercept Hong Kong Ltd grew its position in Futu by 136.9% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 42,149 shares of the company’s stock worth $4,032,000 after purchasing an additional 24,355 shares during the last quarter.

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.