Brokerages Set Futu Holdings Limited (NASDAQ:FUTU) Price Target at $62.83

Futu Holdings Limited (NASDAQ:FUTU) has been given an average rating of “Moderate Buy” by the eight research firms that are currently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $62.83.

FUTU has been the topic of several recent research reports. JPMorgan Chase & Co. cut shares of Futu from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $64.00 to $62.00 in a research note on Friday, March 15th. Citigroup dropped their price target on shares of Futu from $76.90 to $75.30 and set a “buy” rating on the stock in a research note on Friday, March 15th. Finally, CLSA upgraded shares of Futu from an “underperform” rating to an “outperform” rating and raised their price objective for the company from $50.00 to $65.00 in a research report on Monday, March 18th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in FUTU. Headlands Technologies LLC purchased a new position in Futu during the 4th quarter valued at about $44,000. Advisors Preferred LLC purchased a new position in shares of Futu during the 4th quarter worth approximately $53,000. Assetmark Inc. purchased a new stake in Futu in the 3rd quarter valued at approximately $61,000. Newbridge Financial Services Group Inc. acquired a new stake in Futu during the 1st quarter valued at $65,000. Finally, Barometer Capital Management Inc. purchased a new position in Futu during the fourth quarter worth $120,000.

Futu Stock Performance

Shares of FUTU stock opened at $71.06 on Wednesday. The stock’s 50-day moving average price is $58.33 and its 200 day moving average price is $54.81. Futu has a 52-week low of $35.91 and a 52-week high of $75.25.

Futu (NASDAQ:FUTU) last announced its earnings results on Thursday, March 14th. The company reported $0.81 earnings per share for the quarter. Futu had a return on equity of 18.46% and a net margin of 42.77%. The company had revenue of $303.84 million for the quarter, compared to the consensus estimate of $374.14 million. As a group, equities research analysts anticipate that Futu will post 4.47 EPS for the current year.

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.