JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Futu (NASDAQ:FUTU) Stock

Futu (NASDAQ:FUTU) had its price target raised by research analysts at JPMorgan Chase & Co. from $160.00 to $170.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 43.50% from the stock’s current price.

Other equities analysts have also issued reports about the company. Morgan Stanley raised Futu from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $70.00 to $115.00 in a report on Monday, November 18th. Citigroup lowered Futu from a “buy” rating to a “neutral” rating and increased their price target for the company from $79.00 to $95.00 in a research note on Tuesday, November 19th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $107.00.

Futu Price Performance

Shares of FUTU stock opened at $118.47 on Friday. Futu has a 12-month low of $51.80 and a 12-month high of $130.88. The firm has a market capitalization of $16.32 billion, a price-to-earnings ratio of 29.04, a price-to-earnings-growth ratio of 0.79 and a beta of 0.78. The business has a 50 day simple moving average of $101.39 and a 200 day simple moving average of $91.20.

Hedge Funds Weigh In On Futu

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Futu during the 4th quarter valued at $116,315,000. Point72 Hong Kong Ltd lifted its position in shares of Futu by 170.6% during the 4th quarter. Point72 Hong Kong Ltd now owns 830,842 shares of the company’s stock valued at $66,459,000 after acquiring an additional 523,808 shares during the last quarter. Norges Bank acquired a new stake in shares of Futu during the 4th quarter valued at $39,163,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Futu by 502.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,746 shares of the company’s stock valued at $53,444,000 after purchasing an additional 465,961 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Futu in the third quarter valued at $39,943,000.

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.