Bank of America Increases Futu (NASDAQ:FUTU) Price Target to $80.20

Futu (NASDAQ:FUTU) had its price target hoisted by investment analysts at Bank of America from $77.60 to $80.20 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s target price points to a potential upside of 27.79% from the company’s previous close.

Separately, JPMorgan Chase & Co. raised Futu from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $62.00 to $92.00 in a research note on Tuesday, May 28th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $71.57.

Futu Stock Performance

Shares of Futu stock traded up $3.05 on Wednesday, reaching $62.76. 851,054 shares of the company’s stock were exchanged, compared to its average volume of 1,448,307. The firm’s 50-day moving average is $64.32 and its two-hundred day moving average is $62.45. The company has a market capitalization of $9.44 billion, a P/E ratio of 16.62, a price-to-earnings-growth ratio of 0.93 and a beta of 0.74. Futu has a 52 week low of $43.61 and a 52 week high of $81.86.

Futu (NASDAQ:FUTU) last issued its earnings results on Tuesday, May 28th. The company reported $0.95 earnings per share (EPS) for the quarter. Futu had a net margin of 40.86% and a return on equity of 17.16%. The business had revenue of $331.27 million for the quarter. During the same period in the prior year, the company earned $1.08 earnings per share. On average, analysts expect that Futu will post 4.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Futu

Several large investors have recently added to or reduced their stakes in the business. Marshall Wace LLP grew its holdings in Futu by 71.5% during the second quarter. Marshall Wace LLP now owns 1,521,314 shares of the company’s stock worth $99,813,000 after buying an additional 634,369 shares in the last quarter. E Fund Management Co. Ltd. purchased a new position in Futu during the 2nd quarter worth $31,490,000. National Bank of Canada FI grew its stake in shares of Futu by 3,253,333.3% in the 2nd quarter. National Bank of Canada FI now owns 292,809 shares of the company’s stock worth $18,790,000 after acquiring an additional 292,800 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Futu by 1,159.9% in the second quarter. Renaissance Technologies LLC now owns 292,300 shares of the company’s stock valued at $19,176,000 after purchasing an additional 269,100 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its position in shares of Futu by 5,492.5% during the second quarter. Acadian Asset Management LLC now owns 265,869 shares of the company’s stock valued at $17,419,000 after purchasing an additional 261,115 shares in 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.