Brokerages Set Futu Holdings Limited (NASDAQ:FUTU) Price Target at $72.97

Shares of Futu Holdings Limited (NASDAQ:FUTU) have received an average recommendation of “Moderate Buy” from the six brokerages that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $87.33.

A number of equities analysts recently issued reports on the company. Citigroup cut Futu from a “buy” rating to a “neutral” rating and increased their target price for the stock from $79.00 to $95.00 in a report on Tuesday, November 19th. Bank of America raised their price objective on shares of Futu from $80.20 to $90.00 and gave the company a “buy” rating in a research note on Friday, September 27th. Finally, Morgan Stanley upgraded shares of Futu from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $70.00 to $115.00 in a report on Monday, November 18th.

Futu Stock Performance

FUTU stock opened at $84.22 on Friday. The company has a market capitalization of $11.60 billion, a P/E ratio of 20.64, a PEG ratio of 0.26 and a beta of 0.75. Futu has a 52-week low of $43.61 and a 52-week high of $130.50. The company has a fifty day moving average price of $92.90 and a 200-day moving average price of $75.66.

Hedge Funds Weigh In On Futu

Institutional investors have recently added to or reduced their stakes in the stock. UniSuper Management Pty Ltd grew its position in shares of Futu by 100.0% during the 1st quarter. UniSuper Management Pty Ltd now owns 800 shares of the company’s stock valued at $43,000 after acquiring an additional 400 shares during the period. Allspring Global Investments Holdings LLC bought a new position in Futu during the second quarter valued at $50,000. GAMMA Investing LLC increased its position in Futu by 181.5% in the third quarter. GAMMA Investing LLC now owns 594 shares of the company’s stock worth $57,000 after buying an additional 383 shares during the last quarter. CWM LLC raised its stake in shares of Futu by 67.7% in the third quarter. CWM LLC now owns 743 shares of the company’s stock valued at $71,000 after buying an additional 300 shares during the period. Finally, Venturi Wealth Management LLC purchased a new position in shares of Futu during the 3rd quarter valued at $92,000.

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.