JPMorgan Chase & Co. Raises Price Target for Futu Stock

JPMorgan Chase & Co. has recently upgraded its price target for Futu Holdings Limited (NASDAQ:FUTU) from $160.00 to $170.00. This change was communicated in a research report provided to clients and investors, highlighting the firm's positive outlook on the stock, which is currently rated as ‘overweight’ by JPMorgan.

The new price target suggests a potential upside of approximately 43.50% from Futu's current stock price, indicating confidence in the company's growth and performance in the financial markets.

Additionally, analysts from other financial institutions have also provided their perspectives on Futu. Citigroup recently downgraded its rating on the stock from ‘buy’ to ‘neutral’ while simultaneously increasing its price target from $79.00 to $95.00 in a report published on November 19. On the other hand, Morgan Stanley upgraded Futu from an ‘equal weight’ rating to ‘overweight’ and raised its price target from $70.00 to $115.00.

Overall, the consensus among analysts regarding Futu is fairly optimistic, with one analyst assigning a hold rating and four analysts giving a buy recommendation. According to data from MarketBeat, the current consensus rating for Futu is ‘Moderate Buy’ with an average price target set at $107.00.

Futu’s Stock Performance

On the trading floor, Futu's stock opened at $118.47 on the last trading day. The company boasts a market capitalization of approximately $16.32 billion, a price-to-earnings ratio of 29.04, and a PEG ratio of 0.79. Additionally, Futu has a beta value of 0.78, indicating relatively lower volatility compared to the overall market.

In terms of stock price movements, Futu's fifty-day moving average stands at $101.39, while its two-hundred-day moving average is $91.20. Over the past year, Futu's stock has experienced a low of $51.80 and a high of $130.88, reflecting significant fluctuations in market activity.

Institutional Investments in Futu

Several institutional investors have adjusted their holdings in Futu. For example, Smartleaf Asset Management LLC significantly increased its stake by an impressive 1,245.5% during the fourth quarter, owning now 444 shares valued at approximately $36,000 after acquiring an additional 411 shares.

Meanwhile, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. also boosted its investment in Futu by 77.3% in the same quarter, obtaining a total of 452 shares worth $36,000 after purchasing 197 extra shares. Another notable increase came from Rakuten Securities Inc., which raised its stake by 239.8% to hold 683 shares valued at $55,000 after acquiring an additional 482 shares.

Moreover, Point72 Asia Singapore Pte. Ltd. entered a new position in Futu with an investment of around $60,000, and Assetmark Inc. made headlines by increasing its stake by 15,200.0%, now owning 765 shares worth $61,000 after a considerable purchase of 760 shares.

Understanding Futu

Futu Holdings Limited specializes in providing digital securities brokerage and wealth management services both in Hong Kong and globally. Through its digital platforms, Futubull and Moomoo, the company offers a range of online financial services including brokerage for securities and derivatives, margin financing, and fund distribution.

Futu, Stocks, JPMorgan