Futu (NASDAQ:FUTU) Upgraded by Morgan Stanley to Overweight Rating

Morgan Stanley upgraded shares of Futu (NASDAQ:FUTU - Free Report) from an equal weight rating to an overweight rating in a report issued on Monday, Marketbeat Ratings reports. They currently have $115.00 price target on the stock, up from their prior price target of $70.00.

Separately, Bank of America increased their price target on shares of Futu from $80.20 to $90.00 and gave the stock a "buy" rating in a research report on Friday, September 27th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, Futu currently has an average rating of "Buy" and an average price target of $82.26.

Futu Price Performance

Futu stock traded up $3.22 during mid-day trading on Monday, reaching $92.30. 2,151,688 shares of the company were exchanged, compared to its average volume of 2,353,454. The company has a fifty day simple moving average of $90.00 and a 200-day simple moving average of $75.15. The firm has a market cap of $12.72 billion, a PE ratio of 23.02, a PEG ratio of 0.93 and a beta of 0.75. Futu has a 12 month low of $43.61 and a 12 month high of $130.50.

Futu (NASDAQ:FUTU - Get Free Report) last posted its quarterly earnings results on Tuesday, August 20th. The company reported $1.11 EPS for the quarter. The business had revenue of $400.73 million during the quarter. Futu had a return on equity of 16.77% and a net margin of 39.27%. Sell-side analysts anticipate that Futu will post 4.75 earnings per share for the current year.

Hedge Funds Weigh In On Futu

Several institutional investors and hedge funds have recently added to or reduced their stakes in FUTU. UniSuper Management Pty Ltd lifted its stake in shares of Futu by 100.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 800 shares of the company's stock valued at $43,000 after acquiring an additional 400 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in Futu in the second quarter valued at about $50,000. GAMMA Investing LLC boosted its stake in shares of Futu by 181.5% during the third quarter. GAMMA Investing LLC now owns 594 shares of the company's stock valued at $57,000 after purchasing an additional 383 shares in the last quarter. CWM LLC grew its holdings in shares of Futu by 67.7% during the third quarter. CWM LLC now owns 743 shares of the company's stock worth $71,000 after purchasing an additional 300 shares during the last quarter. Finally, Venturi Wealth Management LLC acquired a new position in shares of Futu in the third quarter valued at approximately $92,000.

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.