Futu (NASDAQ:FUTU) Cut to Neutral at Citigroup

Citigroup lowered shares of Futu (NASDAQ:FUTU) from a buy rating to a neutral rating in a research report report published on Tuesday morning, Marketbeat.com reports. They currently have $95.00 price target on the stock, up from their prior price target of $79.00.

Other research analysts have also issued reports about the company. Morgan Stanley upgraded Futu from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $70.00 to $115.00 in a report on Monday. Bank of America raised their price target on Futu from $80.20 to $90.00 and gave the stock a “buy” rating in a research report on Friday, September 27th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $85.07.

Futu Price Performance

Shares of NASDAQ:FUTU opened at $84.69 on Tuesday. The firm’s 50 day simple moving average is $92.37 and its 200 day simple moving average is $75.56. Futu has a fifty-two week low of $43.61 and a fifty-two week high of $130.50. The company has a market capitalization of $11.67 billion, a price-to-earnings ratio of 20.76, a P/E/G ratio of 0.89 and a beta of 0.75.

Futu (NASDAQ:FUTU) last posted its earnings results on Tuesday, August 20th. The company reported $1.11 earnings per share for the quarter. Futu had a net margin of 38.59% and a return on equity of 17.33%. The company had revenue of $400.73 million for the quarter. Equities research analysts expect that Futu will post 4.81 earnings per share for the current year.

Institutional Investors Weigh In On Futu

Hedge funds and other institutional investors have recently bought and sold shares of the company. APG Asset Management N.V. bought a new position in shares of Futu in the 2nd quarter valued at about $496,000. Valliance Asset Management Ltd acquired a new position in Futu during the third quarter worth approximately $956,000. Sei Investments Co. boosted its stake in shares of Futu by 261.3% during the 2nd quarter. Sei Investments Co. now owns 25,351 shares of the company’s stock worth $1,663,000 after acquiring an additional 18,334 shares during the period. Seven Eight Capital LP bought a new stake in Futu in the 2nd quarter valued at $1,956,000. Finally, Sumitomo Mitsui Trust Group Inc. boosted 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 worth $11,245,000 after purchasing an additional 15,127 shares during the period.

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.