Futu (NASDAQ:FUTU) Issues Quarterly Earnings Results, Misses Expectations By $2.76 EPS

Futu (NASDAQ:FUTU) released its quarterly earnings results on Tuesday. The company reported $4.14 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $6.90 by ($2.76), Fidelity Earnings reports. Futu had a return on equity of 20.44% and a net margin of 44.47%. During the same quarter in the previous year, the company posted $0.39 EPS.

Shares of NASDAQ FUTU traded up $0.14 during midday trading on Thursday, hitting $54.45. The company’s stock had a trading volume of 5,213,877 shares, compared to its average volume of 7,591,552. Futu has a 1-year low of $36.63 and a 1-year high of $204.25. The firm’s fifty day moving average price is $71.44 and its 200-day moving average price is $107.32. The firm has a market cap of $7.91 billion, a P/E ratio of 23.07, a P/E/G ratio of 0.47 and a beta of 0.93.

Several research firms recently issued reports on FUTU. Zacks Investment Research raised shares of Futu from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 2nd. Bank of America downgraded shares of Futu from a “buy” rating to an “underperform” rating and dropped their price target for the stock from $156.00 to $66.00 in a research note on Friday, October 15th. JPMorgan Chase & Co. initiated coverage on shares of Futu in a research report on Monday, October 18th. They issued an “overweight” rating and a $114.00 target price for the company. Morgan Stanley downgraded shares of Futu from an “overweight” rating to an “equal weight” rating in a research report on Friday, October 29th. Finally, BOCOM International downgraded shares of Futu from a “buy” rating to a “neutral” rating in a research report on Monday, November 1st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $164.21.

A hedge fund recently raised its stake in Futu stock. Wells Fargo & Company MN increased its holdings in Futu Holdings Limited (NASDAQ:FUTU) by 15.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 7,536 shares of the company’s stock after buying an additional 1,001 shares during the period. Wells Fargo & Company MN’s holdings in Futu were worth $1,350,000 as of its most recent filing with the SEC. Hedge funds and other institutional investors own 21.77% of the company’s stock.

About Futu

Futu Holdings Ltd. is an advanced technology company, which engages in online brokerage and wealth management services. It provides investing services through its proprietary digital platforms, Futubull and moomoo that allows investors to trade securities and invest in fund products. The firm’s fee-generating services include trade execution, as well as margin financing and securities lending, which allow its clients to trade securities, such as stocks, ETFs, warrants, options and futures, across different markets.

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Earnings History for Futu (NASDAQ:FUTU)

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