Futu (NASDAQ:FUTU) Downgraded to “Neutral” Rating by Citigroup

Citigroup downgraded shares of Futu (NASDAQ:FUTU) from a buy rating to a neutral rating in a report issued on Tuesday morning, Marketbeat reports. Citigroup currently has $95.00 target price on the stock, up from their prior target price of $79.00.

Several other brokerages have also recently commented on FUTU. Morgan Stanley upgraded shares of Futu from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $70.00 to $115.00 in a report on Monday. Bank of America raised their price target on Futu from $80.20 to $90.00 and gave the company a “buy” rating in a report 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 has an average rating of “Moderate Buy” and a consensus price target of $85.07.

Futu Stock Down 6.1 %

Futu stock opened at $86.70 on Tuesday. The stock has a market cap of $11.95 billion, a price-to-earnings ratio of 22.40, a P/E/G ratio of 0.93 and a beta of 0.75. Futu has a 12-month low of $43.61 and a 12-month high of $130.50. The business’s 50-day simple moving average is $91.22 and its 200 day simple moving average is $75.40.

Futu (NASDAQ:FUTU) last released its quarterly earnings data on Tuesday, August 20th. The company reported $1.11 EPS for the quarter. Futu had a net margin of 39.27% and a return on equity of 16.77%. The business had revenue of $400.73 million during the quarter. As a group, sell-side analysts expect that Futu will post 4.75 EPS for the current year.

Institutional Trading of Futu

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FUTU. Marshall Wace LLP boosted its position in shares of Futu by 71.5% during the second quarter. Marshall Wace LLP now owns 1,521,314 shares of the company’s stock valued at $99,813,000 after buying an additional 634,369 shares during the last quarter. E Fund Management Co. Ltd. bought a new position in shares of Futu during the 2nd quarter worth approximately $31,490,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Futu by 502.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,746 shares of the company’s stock worth $53,444,000 after buying an additional 465,961 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Futu in the third quarter valued at approximately $39,943,000. Finally, Veritas Asset Management LLP purchased a new stake in shares of Futu during the third quarter valued at approximately $39,547,000.

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.