Futu (NASDAQ:FUTU) Upgraded to “Overweight” at Morgan Stanley

Morgan Stanley upgraded shares of Futu (NASDAQ:FUTU) from an equal weight rating to an overweight rating in a research report released on Monday, MarketBeat reports. Morgan Stanley currently has $115.00 price target on the stock, up from their prior price target of $70.00.

Separately, Bank of America boosted their target price on shares of Futu from $80.20 to $90.00 and gave the company a “buy” rating in a research report on Friday, September 27th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $82.26.

Futu Trading Up 3.6 %

Shares of FUTU opened at $92.30 on Monday. The company has a market cap of $12.72 billion, a price-to-earnings ratio of 23.85, a PEG ratio of 0.93 and a beta of 0.75. Futu has a 1-year low of $43.61 and a 1-year high of $130.50. The company’s fifty day simple moving average is $90.66 and its 200 day simple moving average is $75.29.

Futu (NASDAQ:FUTU) last released its quarterly earnings data on Tuesday, August 20th. The company reported $1.11 EPS for the quarter. Futu had a net margin of 39.27% and a return on equity of 16.77%. The firm had revenue of $400.73 million during the quarter. As a group, research analysts forecast that Futu will post 4.75 earnings per share for the current year.

Institutional Investors Weigh In On Futu

Large investors have recently made changes to their positions in the business. APG Asset Management N.V. purchased a new stake in shares of Futu during the 2nd quarter valued at $496,000. Valliance Asset Management Ltd purchased a new stake in shares of Futu during the 3rd quarter valued at $956,000. Sei Investments Co. increased its position in shares of Futu by 261.3% during the 2nd quarter. Sei Investments Co. now owns 25,351 shares of the company’s stock valued at $1,663,000 after purchasing an additional 18,334 shares during the last quarter. Seven Eight Capital LP purchased a new stake in shares of Futu during the 2nd quarter valued at $1,956,000. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in shares of Futu by 14.8% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 117,561 shares of the company’s stock valued at $11,245,000 after purchasing an additional 15,127 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.