Futu (NASDAQ:FUTU) Upgraded to “Overweight” at Morgan Stanley

Morgan Stanley upgraded shares of Futu (NASDAQ:FUTU) from an equal weight rating to an overweight rating in a report issued on Monday, Marketbeat reports. They currently have $115.00 price target on the stock, up from their prior price target of $70.00.

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

Futu Stock Performance

Shares of NASDAQ:FUTU opened at $84.69 on Monday. The firm has a fifty day moving average price of $92.37 and a 200 day moving average price of $75.56. Futu has a fifty-two week low of $43.61 and a fifty-two week high of $130.50. The firm has a market cap of $11.67 billion, a price-to-earnings ratio of 20.76, a P/E/G ratio of 0.89 and a beta of 0.75.

Futu (NASDAQ:FUTU) last issued its quarterly earnings data on Tuesday, August 20th. The company reported $1.11 earnings per share (EPS) for the quarter. Futu had a return on equity of 17.33% and a net margin of 38.59%. The business had revenue of $400.73 million for the quarter. As a group, research analysts predict that Futu will post 4.81 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FUTU. APG Asset Management N.V. bought a new stake in shares of Futu in the second quarter valued at about $496,000. Valliance Asset Management Ltd acquired a new stake in Futu in the third quarter valued at approximately $956,000. Sei Investments Co. lifted its holdings in shares of Futu by 261.3% during the 2nd quarter. Sei Investments Co. now owns 25,351 shares of the company’s stock valued at $1,663,000 after purchasing an additional 18,334 shares during the last quarter. Seven Eight Capital LP purchased a new stake in Futu in the second quarter valued at about $1,956,000. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Futu by 14.8% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 117,561 shares of the company’s stock valued at $11,245,000 after acquiring an additional 15,127 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.