Futu (NASDAQ:FUTU) Cut to Neutral at Citigroup

Futu (NASDAQ:FUTU) was downgraded by analysts at Citigroup from a “buy” rating to a “neutral” rating in a report released on Tuesday,Briefing.com Automated Import reports. They presently have a $95.00 price objective on the stock, up from their previous price objective of $79.00. Citigroup’s target price suggests a potential upside of 7.99% from the company’s current price.

Several other research firms have also weighed in on FUTU. Bank of America increased their target price on shares of Futu from $80.20 to $90.00 and gave the stock a “buy” rating in a report on Friday, September 27th. Morgan Stanley upgraded shares of Futu from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $70.00 to $115.00 in a report on Monday. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $85.07.

Futu Stock Down 4.7 %

FUTU stock traded down $4.33 during midday trading on Tuesday, reaching $87.97. The company’s stock had a trading volume of 2,544,829 shares, compared to its average volume of 2,354,436. Futu has a 52 week low of $43.61 and a 52 week high of $130.50. The stock has a market cap of $12.12 billion, a PE ratio of 22.55, a price-to-earnings-growth ratio of 0.93 and a beta of 0.75. The business’s 50-day simple moving average is $90.66 and its 200-day simple moving average is $75.29.

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 firm 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 forecast that Futu will post 4.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Futu

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Marshall Wace LLP increased 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 valued at $99,813,000 after buying an additional 634,369 shares during the last quarter. E Fund Management Co. Ltd. acquired a new stake in Futu in the 2nd quarter valued at $31,490,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Futu by 502.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,746 shares of the company’s stock valued at $53,444,000 after buying an additional 465,961 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Futu in the 3rd quarter valued at $39,943,000. Finally, Veritas Asset Management LLP bought a new position in shares of Futu in the 3rd quarter valued at about $39,547,000.

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.