Futu (NASDAQ:FUTU) Cut to Neutral at Citigroup

Futu (NASDAQ:FUTU) was downgraded by analysts at Citigroup from a “buy” rating to a “neutral” rating in a report released on Tuesday,Briefing.com Automated Import reports. They currently have a $95.00 price objective on the stock, up from their previous price objective of $79.00. Citigroup’s price target points to a potential upside of 7.99% from the company’s current price.

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

Futu Stock Performance

Shares of NASDAQ FUTU traded down $4.33 during trading on Tuesday, hitting $87.97. The company had a trading volume of 2,544,829 shares, compared to its average volume of 2,354,436. The company has a market cap of $12.12 billion, a P/E ratio of 22.55, a PEG ratio of 0.93 and a beta of 0.75. Futu has a 52 week low of $43.61 and a 52 week high of $130.50. The business’s 50-day moving average is $90.66 and its 200 day moving average is $75.29.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. APG Asset Management N.V. acquired a new position in Futu in the second quarter worth about $496,000. Valliance Asset Management Ltd acquired a new position in Futu in the third quarter worth about $956,000. Sei Investments Co. grew its stake in Futu by 261.3% during the second quarter. Sei Investments Co. now owns 25,351 shares of the company’s stock worth $1,663,000 after buying an additional 18,334 shares during the last quarter. Seven Eight Capital LP bought a new stake in Futu during the second quarter worth about $1,956,000. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake 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 buying 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.