Futu (NASDAQ:FUTU) Issues Quarterly Earnings Results

Futu (NASDAQ:FUTU) released its earnings results on Tuesday. The company reported $2.93 earnings per share for the quarter, beating analysts’ consensus estimates of $2.54 by $0.39, Zacks reports. Futu had a net margin of 44.25% and a return on equity of 26.36%. The firm had revenue of $822.80 million during the quarter, compared to the consensus estimate of $631.51 million.

Futu Stock Performance

NASDAQ:FUTU opened at $170.53 on Wednesday. The firm has a market capitalization of $23.73 billion, a price-to-earnings ratio of 23.68, a P/E/G ratio of 0.61 and a beta of 0.49. The stock has a fifty day moving average of $175.78 and a 200 day moving average of $152.41. Futu has a 52-week low of $70.60 and a 52-week high of $202.53.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Barclays lifted their price target on shares of Futu from $176.00 to $232.00 and gave the stock an “overweight” rating in a report on Friday, August 22nd. JPMorgan Chase & Co. boosted their target price on Futu from $200.00 to $270.00 and gave the company an “overweight” rating in a research note on Thursday, August 28th. Dbs Bank raised Futu to a “moderate buy” rating in a research report on Thursday, September 4th. Daiwa America raised Futu to a “strong-buy” rating in a report on Tuesday, August 12th. Finally, Bank of America boosted their price objective on Futu from $172.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday, August 21st. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $203.00.

Institutional Investors Weigh In On Futu

A number of institutional investors and hedge funds have recently bought and sold shares of FUTU. Horizon Investments LLC purchased a new position in shares of Futu in the 3rd quarter worth about $185,000. Banque Transatlantique SA purchased a new stake in Futu in the third quarter worth approximately $128,000. Evergreen Capital Management LLC purchased a new position in shares of Futu during the second quarter worth approximately $202,000. Rakuten Securities Inc. lifted its holdings in shares of Futu by 21.8% in the 2nd quarter. Rakuten Securities Inc. now owns 1,273 shares of the company’s stock worth $157,000 after acquiring an additional 228 shares during the last quarter. Finally, Bayesian Capital Management LP bought a new position in shares of Futu during the 2nd quarter valued at $210,000.

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.