JPMorgan Chase & Co. Boosts Price Target for Futu (NASDAQ:FUTU) Stock

Futu (NASDAQ:FUTU – Get Free Report) has seen its price target adjusted by analysts at JPMorgan Chase & Co. They recently raised the target from $160.00 to $170.00 in a report delivered to clients and investors on Friday, as reported by Benzinga. The firm currently maintains an "overweight" rating for the stock, indicating confidence in its potential. The updated price target suggests a possible upside of 43.50% compared to the stock’s current price.

Other analysts have also shared their insights about Futu. For instance, Citigroup downgraded Futu from a “buy” rating to a “neutral” rating, while increasing their price target from $79.00 to $95.00 in a report issued on November 19th. Furthermore, Morgan Stanley elevated its rating on Futu from “equal weight” to “overweight”, simultaneously increasing the price target from $70.00 to $115.00 in a report made public on November 18th. The analysts' responses vary, with one maintaining a hold rating and four categorizing the stock as a buy. According to data compiled by MarketBeat, Futu has an overall consensus rating of “Moderate Buy” and a collective price target of $107.00.

Futu Stock Performance Overview

The stock opened at $118.47 on Friday. Futu has a market capitalization of approximately $16.32 billion, a price-to-earnings ratio of 29.04, a PEG ratio of 0.79, and a beta of 0.78. Its fifty-day moving average stands at $101.39, while the two-hundred-day moving average is $91.20. Over the past year, Futu's stock has traded between a low of $51.80 and a high of $130.88.

Investor Activity in Futu

Recently, several institutional investors have adjusted their stakes in Futu. For instance, Smartleaf Asset Management LLC increased its investment by an impressive 1,245.5% during the fourth quarter. Following this change, the firm now possesses 444 shares valued at about $36,000 after adding 411 shares. Similarly, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Futu by 77.3% during the same period, bringing its total to 452 shares, also worth around $36,000 after acquiring 197 additional shares. Moreover, Rakuten Securities Inc. boosted its ownership by 239.8%, leading to a total of 683 shares worth $55,000 following the purchase of 482 more shares. Other institutions like Point72 Asia Singapore Pte. Ltd. also established a new stake valued at roughly $60,000, and Assetmark Inc. dramatically increased its position by 15,200.0% during the quarter, acquiring 765 shares worth $61,000.

About Futu Holdings Limited

Futu Holdings Limited is engaged in providing digitalized securities brokerage and wealth management service, catering to customers in Hong Kong and internationally. Its services include online financial offerings, encompassing securities and derivative trading, margin financing, and fund distribution via its digital platforms, Futubull and Moomoo.

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