Futu (NASDAQ:FUTU) Downgraded by Citigroup to Neutral

Citigroup downgraded shares of Futu (NASDAQ:FUTU) from a buy rating to a neutral rating in a report released on Tuesday morning, Marketbeat reports. The brokerage currently has $95.00 price objective on the stock, up from their prior price objective of $79.00.

FUTU has been the topic of a number of other research reports. Bank of America boosted their target price on Futu from $80.20 to $90.00 and gave the company a “buy” rating in a report on Friday, September 27th. Morgan Stanley upgraded shares of Futu from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $70.00 to $115.00 in a research report on Monday, November 18th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Futu currently has an average rating of “Moderate Buy” and a consensus target price of $85.07.

Futu Price Performance

Shares of NASDAQ:FUTU opened at $84.22 on Tuesday. Futu has a 1-year low of $43.61 and a 1-year high of $130.50. The stock has a market cap of $11.61 billion, a P/E ratio of 20.64, a P/E/G ratio of 0.89 and a beta of 0.75. The firm has a fifty day moving average price of $92.90 and a 200 day moving average price of $75.63.

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

Hedge Funds Weigh In On Futu

A number of large investors have recently made changes to their positions in FUTU. Allspring Global Investments Holdings LLC increased its holdings in Futu by 14.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 877 shares of the company’s stock valued at $84,000 after buying an additional 112 shares in the last quarter. CIBC Asset Management Inc grew its holdings in shares of Futu by 4.3% in the 3rd quarter. CIBC Asset Management Inc now owns 5,403 shares of the company’s stock worth $517,000 after acquiring an additional 222 shares during the period. DekaBank Deutsche Girozentrale increased its stake in Futu by 3.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 7,346 shares of the company’s stock valued at $394,000 after purchasing an additional 230 shares in the last quarter. Signaturefd LLC raised its holdings in Futu by 8.4% during the second quarter. Signaturefd LLC now owns 3,205 shares of the company’s stock worth $210,000 after purchasing an additional 247 shares during the last quarter. Finally, CWM LLC boosted its position in Futu by 67.7% during the third quarter. CWM LLC now owns 743 shares of the company’s stock worth $71,000 after purchasing an additional 300 shares in 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.