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

Futu Holdings Limited (NASDAQ:FUTU) shares 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.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP lifted its stake in Futu by 71.5% in the 2nd quarter. Marshall Wace LLP now owns 1,521,314 shares of the company’s stock worth $99,813,000 after purchasing an additional 634,369 shares in the last quarter. E Fund Management Co. Ltd. purchased a new position in Futu during the second quarter worth approximately $31,490,000. National Bank of Canada FI boosted its stake in Futu by 3,253,333.3% during the second quarter. National Bank of Canada FI now owns 292,809 shares of the company’s stock worth $18,790,000 after buying an additional 292,800 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Futu by 1,159.9% in the 2nd quarter. Renaissance Technologies LLC now owns 292,300 shares of the company’s stock valued at $19,176,000 after buying an additional 269,100 shares in the last quarter. Finally, Acadian Asset Management LLC increased its stake in shares of Futu by 5,492.5% in the 2nd quarter. Acadian Asset Management LLC now owns 265,869 shares of the company’s stock worth $17,419,000 after acquiring an additional 261,115 shares during the last quarter.

Futu Trading Up 17.5 %

The firm has a fifty day moving average price of $62.15 and a 200 day moving average price of $64.60. The firm has a market cap of $13.88 billion, a PE ratio of 25.52, a price-to-earnings-growth ratio of 1.04 and a beta of 0.72.

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