Futu (NASDAQ:FUTU) Upgraded by Zacks Investment Research to “Buy”

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Zacks Investment Research upgraded shares of Futu (NASDAQ:FUTUGet Rating) from a strong sell rating to a buy rating in a research report report published on Thursday morning, Zacks.com reports. The brokerage currently has $52.00 price objective on the stock.

According to Zacks, “Futu Holdings Limited is a technology company which offers a digitized brokerage platform. It is primarily engaged in the online brokerage services and margin financing services. The Company provides investing services through its digital platform, Futu NiuNiu, an integrated application accessible through any mobile device, tablet or desktop. Futu Holdings Limited is based in NEW YORK. “

A number of other research firms have also commented on FUTU. CLSA lowered Futu from an underperform rating to a sell rating and set a $27.00 price target for the company. in a report on Monday. Citigroup cut their price target on Futu from $79.00 to $46.50 in a report on Monday, March 14th. TheStreet raised Futu from a d+ rating to a c rating in a research note on Monday, March 14th. Finally, JPMorgan Chase & Co. lifted their price objective on Futu from $50.00 to $55.00 in a research note on Tuesday. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $78.11.

Shares of FUTU stock opened at $45.15 on Thursday. Futu has a 1-year low of $21.23 and a 1-year high of $181.44. The stock has a 50-day moving average of $33.96 and a 200-day moving average of $34.76. The stock has a market cap of $6.79 billion, a price-to-earnings ratio of 24.27, a PEG ratio of 1.42 and a beta of 0.82.

Futu (NASDAQ:FUTUGet Rating) last posted its earnings results on Monday, June 6th. The company reported $4.18 earnings per share for the quarter, beating analysts’ consensus estimates of $3.87 by $0.31. Futu had a return on equity of 10.59% and a net margin of 33.88%. During the same period last year, the firm earned $1.03 EPS. As a group, equities analysts forecast that Futu will post 2.06 earnings per share for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Banco Santander S.A. purchased a new position in Futu during the 1st quarter valued at about $26,699,000. Bank of America Corp DE increased its holdings in Futu by 150.1% during the 1st quarter. Bank of America Corp DE now owns 1,253,354 shares of the company’s stock valued at $40,810,000 after purchasing an additional 752,280 shares during the period. FengHe Fund Management Pte. Ltd. increased its holdings in Futu by 357.3% during the 1st quarter. FengHe Fund Management Pte. Ltd. now owns 851,400 shares of the company’s stock valued at $27,722,000 after purchasing an additional 665,200 shares during the period. Capital Research Global Investors increased its holdings in Futu by 10.3% during the 3rd quarter. Capital Research Global Investors now owns 6,358,100 shares of the company’s stock valued at $578,702,000 after purchasing an additional 595,719 shares during the period. Finally, Coatue Management LLC purchased a new position in Futu during the 4th quarter valued at about $22,161,000. Hedge funds and other institutional investors own 23.33% of the company’s stock.

About Futu (Get Rating)

Futu Holdings Limited operates an online brokerage and wealth management platform in Hong Kong and internationally. The company provides trading, clearing, and settlement services; margin financing and securities lending services; and stock yield enhancement program. It also offers online wealth management services under the brand of Futu Money Plus through its Futubull and moomoo platforms, which give access to mutual funds, private funds, and bonds; market data and information services; and NiuNiu Community, which serves as an open forum for users and clients to share insights, ask questions, and exchange ideas.

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