Futu (NASDAQ:FUTU) Upgraded at Morgan Stanley

Morgan Stanley upgraded shares of Futu (NASDAQ:FUTU) from an equal weight rating to an overweight rating in a research report sent to investors on Monday, Marketbeat Ratings reports. Morgan Stanley currently has $115.00 price objective on the stock, up from their previous price objective of $70.00.

Separately, Bank of America lifted their price target on Futu from $80.20 to $90.00 and gave the stock a “buy” rating in a research note on Friday, September 27th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Futu currently has an average rating of “Buy” and a consensus target price 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 PE ratio of 23.85, a price-to-earnings-growth ratio of 0.93 and a beta of 0.75. The stock has a 50-day moving average price of $90.66 and a 200-day moving average price of $75.29. Futu has a 12-month low of $43.61 and a 12-month high of $130.50.

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

Institutional Investors Weigh In On Futu

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