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

Futu (NASDAQ:FUTU) issued its earnings results on Tuesday. The company reported $2.93 EPS for the quarter, topping analysts’ consensus estimates of $2.54 by $0.39, Zacks reports. The firm had revenue of $822.80 million during the quarter, compared to the consensus estimate of $631.51 million. Futu had a net margin of 44.25% and a return on equity of 26.36%.

Futu Stock Down 0.5%

Shares of Futu stock opened at $167.74 on Wednesday. The firm has a market cap of $23.34 billion, a price-to-earnings ratio of 23.26, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49. Futu has a 52-week low of $70.60 and a 52-week high of $202.53. The company’s 50-day simple moving average is $175.78 and its 200-day simple moving average is $152.41.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Cerity Partners LLC lifted its stake in Futu by 4.6% during the second quarter. Cerity Partners LLC now owns 2,729 shares of the company’s stock worth $337,000 after purchasing an additional 120 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Futu by 53.5% in the 3rd 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 last quarter. Rakuten Securities Inc. grew its holdings in Futu by 21.8% in the 2nd 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 increased its holdings in shares of Futu by 3.2% during the third quarter. Pathstone Holdings LLC now owns 8,447 shares of the company’s stock valued at $1,469,000 after purchasing an additional 260 shares during the period. Finally, Geneos Wealth Management Inc. acquired a new position in Futu during the 1st quarter valued at about $27,000.

Analyst Upgrades and Downgrades

FUTU has been the subject of several analyst reports. Dbs Bank raised Futu to a “moderate buy” rating in a research report on Thursday, September 4th. Daiwa America upgraded shares of Futu to a “strong-buy” rating in a research note on Tuesday, August 12th. Bank of America raised their price objective on shares of Futu from $172.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, August 21st. Citigroup upped their target price on shares of Futu from $176.00 to $190.00 and gave the company a “neutral” rating in a report on Thursday, August 21st. Finally, JPMorgan Chase & Co. lifted their price target on shares of Futu from $200.00 to $270.00 and gave the stock an “overweight” rating in a research note on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $203.00.

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.