JPMorgan Chase & Co. Issues Positive Forecast for Futu (NASDAQ:FUTU) Stock Price

Futu (NASDAQ:FUTU) had its price objective upped by JPMorgan Chase & Co. from $160.00 to $170.00 in a report published on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages have also recently issued reports on FUTU. Citigroup cut shares of Futu from a “buy” rating to a “neutral” rating and upped their price objective for the company from $79.00 to $95.00 in a research note on Tuesday, November 19th. Morgan Stanley raised shares of Futu from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $70.00 to $115.00 in a research note on Monday, November 18th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Futu currently has a consensus rating of “Moderate Buy” and a consensus target price of $107.00.

Futu Price Performance

FUTU stock opened at $118.47 on Friday. Futu has a one year low of $51.80 and a one year high of $130.88. The stock has a market cap of $16.32 billion, a PE ratio of 29.04, a P/E/G ratio of 0.79 and a beta of 0.78. The firm has a 50 day simple moving average of $101.39 and a two-hundred day simple moving average of $91.00.

Institutional Investors Weigh In On Futu

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. raised its holdings in 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 buying an additional 15,127 shares during the last quarter. Y Intercept Hong Kong Ltd raised its holdings in Futu by 136.9% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 42,149 shares of the company’s stock valued at $4,032,000 after buying an additional 24,355 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Futu by 127.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 52,530 shares of the company’s stock valued at $5,024,000 after buying an additional 29,401 shares during the last quarter. Natixis Advisors LLC bought a new stake in Futu during the 3rd quarter valued at $1,100,000. Finally, Monolith Management Ltd bought a new stake in Futu during the 3rd quarter valued at $6,217,000.

About Futu

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.