Futu (NASDAQ:FUTU) Downgraded by Citigroup to Neutral

Futu (NASDAQ:FUTU) was downgraded by investment analysts at Citigroup from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday, MarketBeat.com reports. They presently have a $95.00 target price on the stock, up from their prior target price of $79.00. Citigroup’s price target would indicate a potential upside of 6.75% from the company’s current price.

Several other research analysts have also recently weighed in on FUTU. Bank of America upped their price target 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 Futu from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $70.00 to $115.00 in a research report on Monday. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $85.07.

Futu Stock Up 2.6 %

NASDAQ FUTU opened at $88.99 on Tuesday. The company’s 50 day moving average is $91.81 and its 200-day moving average is $75.49. The firm has a market cap of $12.26 billion, a P/E ratio of 22.99, a price-to-earnings-growth 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) last announced its quarterly earnings results 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%. Equities analysts expect that Futu will post 4.75 EPS for the current year.

Hedge Funds Weigh In On Futu

Several institutional investors and hedge funds have recently made changes to their positions in the business. Aspex Management HK Ltd boosted its position in Futu by 2.4% during the third quarter. Aspex Management HK Ltd now owns 4,553,023 shares of the company’s stock valued at $435,497,000 after buying an additional 108,219 shares during the period. Marshall Wace LLP boosted its holdings in Futu by 71.5% during the 2nd quarter. Marshall Wace LLP now owns 1,521,314 shares of the company’s stock valued at $99,813,000 after acquiring an additional 634,369 shares during the period. Hhlr Advisors LTD. boosted its holdings in Futu by 46.8% during the 3rd quarter. Hhlr Advisors LTD. now owns 1,051,089 shares of the company’s stock valued at $100,537,000 after acquiring an additional 335,000 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Futu by 502.2% during the third 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 purchasing an additional 465,961 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of Futu by 3.3% in the third quarter. Geode Capital Management LLC now owns 545,949 shares of the company’s stock worth $51,475,000 after purchasing an additional 17,513 shares during the last quarter.

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.