Futu (NASDAQ:FUTU) Trading Up 6.9%

Futu Holdings Limited (NASDAQ:FUTU)’s stock price rose 6.9% during trading on Thursday . The company traded as high as $63.71 and last traded at $63.63. Approximately 287,454 shares traded hands during trading, a decline of 80% from the average daily volume of 1,413,509 shares. The stock had previously closed at $59.51.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on FUTU shares. JPMorgan Chase & Co. raised shares of Futu from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $62.00 to $92.00 in a research note on Tuesday, May 28th. Bank of America upped their price target on Futu from $77.60 to $80.20 and gave the company a “buy” rating in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $71.57.

Futu Trading Up 13.6 %

The stock has a market cap of $9.32 billion, a P/E ratio of 16.83, a PEG ratio of 0.92 and a beta of 0.72. The stock’s fifty day moving average price is $61.01 and its 200 day moving average price is $63.82.

Futu (NASDAQ:FUTU) last announced its earnings results 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 firm had revenue of $400.73 million for the quarter. As a group, sell-side analysts forecast that Futu Holdings Limited will post 4.51 earnings per share for the current year.

Hedge Funds Weigh In On Futu

A number of hedge funds have recently bought and sold shares of the company. Creative Planning boosted its stake in Futu by 27.8% in the 2nd quarter. Creative Planning now owns 13,253 shares of the company’s stock worth $869,000 after purchasing an additional 2,884 shares in the last quarter. Scientech Research LLC bought a new position in Futu in the 2nd quarter worth about $220,000. MBB Public Markets I LLC bought a new position in Futu in the 2nd quarter worth about $276,000. APG Asset Management N.V. bought a new position in Futu in the 2nd quarter worth about $496,000. Finally, Point72 Hong Kong Ltd bought a new position in Futu in the 2nd quarter worth about $6,133,000.

Futu Company Profile

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.