Futu (NASDAQ:FUTU) Posts Earnings Results, Beats Expectations By $0.39 EPS

Futu (NASDAQ:FUTU) announced its earnings results on Tuesday. The company reported $2.93 earnings per share for the quarter, beating the consensus estimate of $2.54 by $0.39, Zacks reports. The firm had revenue of $822.80 million for the quarter, compared to the consensus estimate of $631.51 million. Futu had a return on equity of 32.19% and a net margin of 47.11%.

Futu Trading Down 1.1%

Shares of Futu stock opened at $165.90 on Thursday. Futu has a 1 year low of $70.60 and a 1 year high of $202.53. The company’s fifty day simple moving average is $175.47 and its 200-day simple moving average is $152.50. The company has a market cap of $23.08 billion, a price-to-earnings ratio of 18.58, a PEG ratio of 0.60 and a beta of 0.49.

Analyst Ratings Changes

FUTU has been the topic of a number of recent analyst reports. Daiwa Capital Markets initiated coverage on shares of Futu in a research report on Monday, August 11th. They set a “buy” rating and a $190.00 price target on the stock. JPMorgan Chase & Co. lifted their price target on Futu from $200.00 to $270.00 and gave the stock an “overweight” rating in a research note on Thursday, August 28th. Daiwa America raised shares of Futu to a “strong-buy” rating in a research note on Tuesday, August 12th. Zacks Research upgraded Futu from a “hold” rating to a “strong-buy” rating in a report on Monday, November 3rd. Finally, Dbs Bank upgraded Futu to a “moderate buy” rating in a report on Thursday, September 4th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Futu currently has a consensus rating of “Buy” and an average target price of $203.00.

Institutional Investors Weigh In On Futu

Several hedge funds have recently made changes to their positions in the stock. Cerity Partners LLC increased its stake in Futu by 4.6% during the second quarter. Cerity Partners LLC now owns 2,729 shares of the company’s stock valued at $337,000 after acquiring an additional 120 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Futu by 53.5% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 419 shares of the company’s stock worth $73,000 after purchasing an additional 146 shares during the period. Rakuten Securities Inc. boosted its stake in Futu by 21.8% during the second quarter. Rakuten Securities Inc. now owns 1,273 shares of the company’s stock worth $157,000 after buying an additional 228 shares in the last quarter. Pathstone Holdings LLC boosted its stake in Futu by 3.2% during the third quarter. Pathstone Holdings LLC now owns 8,447 shares of the company’s stock worth $1,469,000 after buying an additional 260 shares in the last quarter. Finally, Geneos Wealth Management Inc. bought a new stake in Futu in the 1st quarter valued at $27,000.

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.