Futu (NASDAQ:FUTU) Shares Gap Up on Analyst Upgrade

Futu Holdings Limited (NASDAQ:FUTU)’s share price gapped up prior to trading on Monday after Bank of America raised their price target on the stock from $80.20 to $90.00. The stock had previously closed at $85.68, but opened at $93.01. Bank of America currently has a buy rating on the stock. Futu shares last traded at $99.95, with a volume of 6,387,753 shares trading hands.

Institutional Trading of Futu

Large investors have recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale increased its holdings in shares of Futu by 3.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 7,346 shares of the company’s stock valued at $394,000 after purchasing an additional 230 shares during the last quarter. Signaturefd LLC lifted its holdings in shares of Futu by 8.4% during the second quarter. Signaturefd LLC now owns 3,205 shares of the company’s stock worth $210,000 after buying an additional 247 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of Futu by 6.5% in the first quarter. Sequoia Financial Advisors LLC now owns 4,387 shares of the company’s stock valued at $238,000 after acquiring an additional 269 shares during the period. Daiwa Securities Group Inc. grew its stake in shares of Futu by 8.6% in the first quarter. Daiwa Securities Group Inc. now owns 3,800 shares of the company’s stock valued at $206,000 after acquiring an additional 300 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC increased its position in Futu by 3.2% during the first quarter. O Shaughnessy Asset Management LLC now owns 11,123 shares of the company’s stock worth $602,000 after acquiring an additional 343 shares during the period.

Futu Price Performance

The firm has a market capitalization of $14.82 billion, a P/E ratio of 28.45, a price-to-earnings-growth ratio of 1.04 and a beta of 0.72. The business’s 50-day moving average is $63.72 and its 200 day moving average is $65.26.

Futu (NASDAQ:FUTU) last released its quarterly earnings results on Tuesday, August 20th. The company reported $1.11 earnings per share 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%. Analysts anticipate that Futu Holdings Limited will post 4.51 EPS for the current fiscal 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.