Futu (NASDAQ:FUTU) Given New $90.00 Price Target at Bank of America

Futu (NASDAQ:FUTU) had its price target upped by Bank of America from $80.20 to $90.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Futu Stock Performance

Shares of Futu stock opened at $85.68 on Friday. The firm has a market cap of $11.81 billion, a PE ratio of 22.67, a price-to-earnings-growth ratio of 1.04 and a beta of 0.72. Futu has a 1 year low of $43.61 and a 1 year high of $85.99. The firm’s 50-day simple moving average is $62.15 and its 200-day simple moving average is $64.60.

Futu (NASDAQ:FUTU) last posted its quarterly earnings results on Tuesday, August 20th. The company reported $1.11 earnings per share (EPS) for the quarter. The business had revenue of $400.73 million for the quarter. Futu had a return on equity of 16.77% and a net margin of 39.27%. On average, equities analysts predict that Futu will post 4.51 earnings per share for the current year.

Institutional Investors Weigh In On Futu

Several institutional investors have recently bought and sold shares of the stock. Susquehanna Fundamental Investments LLC acquired a new position in shares of Futu in the 1st quarter worth approximately $747,000. Seven Eight Capital LP purchased a new position in Futu during the 2nd quarter valued at about $1,956,000. HCEP Management Ltd increased its holdings in shares of Futu by 37.7% in the 4th quarter. HCEP Management Ltd now owns 400,000 shares of the company’s stock valued at $21,852,000 after purchasing an additional 109,499 shares during the period. Prudential PLC grew its position in Futu by 23.2% during the fourth quarter. Prudential PLC now owns 597,476 shares of the company’s stock valued at $32,640,000 after purchasing an additional 112,497 shares in the last quarter. Finally, National Bank of Canada FI boosted its position in Futu by 3,253,333.3% during the second quarter. National Bank of Canada FI now owns 292,809 shares of the company’s stock valued at $18,790,000 after purchasing an additional 292,800 shares during the last quarter.

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.