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

Futu Holdings Limited (NASDAQ:FUTU)’s stock price gapped up before the market opened 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 traded.

Hedge Funds Weigh In On Futu

Several large investors have recently bought and sold shares of FUTU. Norges Bank bought a new position in shares of Futu in the 4th quarter worth $11,472,000. CenterBook Partners LP acquired a new position in shares of Futu during the 4th quarter worth about $591,000. Prudential PLC increased its stake in shares of Futu by 23.2% in the 4th quarter. Prudential PLC now owns 597,476 shares of the company’s stock valued at $32,640,000 after acquiring an additional 112,497 shares during the last quarter. Nomura Holdings Inc. raised its position in shares of Futu by 274.9% in the 4th quarter. Nomura Holdings Inc. now owns 131,562 shares of the company’s stock valued at $7,187,000 after acquiring an additional 96,471 shares during the period. Finally, Strategic Global Advisors LLC boosted its stake in Futu by 2,725.6% during the 4th quarter. Strategic Global Advisors LLC now owns 113,192 shares of the company’s stock worth $6,184,000 after acquiring an additional 109,186 shares during the last quarter.

Futu Stock Up 12.4 %

The stock’s fifty day moving average is $63.72 and its 200-day moving average is $65.26. The stock has a market cap of $14.82 billion, a price-to-earnings ratio of 28.45, a PEG ratio of 1.04 and a beta of 0.72.

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, equities research analysts predict that Futu Holdings Limited will post 4.51 earnings per share 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.