Futu (NASDAQ:FUTU) Price Target Raised to $90.00

Futu (NASDAQ:FUTU) had its target price upped by research analysts at Bank of America from $80.20 to $90.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price objective suggests a potential upside of 10.47% from the company’s previous close.

Futu Stock Up 7.9 %

FUTU opened at $81.47 on Friday. The business’s fifty day simple moving average is $61.67 and its 200 day simple moving average is $64.42. Futu has a 52 week low of $43.61 and a 52 week high of $83.04. The firm has a market cap of $11.23 billion, a P/E ratio of 21.55, a PEG ratio of 1.04 and a beta of 0.72.

Futu (NASDAQ:FUTU) last announced its quarterly earnings data on Tuesday, August 20th. The company reported $1.11 earnings per share (EPS) for the quarter. The business had revenue of $400.73 million for the quarter. Futu had a net margin of 39.27% and a return on equity of 16.77%. As a group, equities analysts expect that Futu will post 4.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Futu

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

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.