BofA Securities Upgrades Futu

Fintel reports that on August 28, 2023, B of A Securities upgraded their outlook for Futu Holdings Ltd – ADR (NASDAQ:FUTU) from Underperform to Buy.

Analyst Price Forecast Suggests 4.87% Upside

As of August 2, 2023, the average one-year price target for Futu Holdings Ltd – ADR is 57.68. The forecasts range from a low of 32.47 to a high of $77.70. The average price target represents an increase of 4.87% from its latest reported closing price of 55.00.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Futu Holdings Ltd – ADR is 8,845MM, an increase of 2.45%. The projected annual non-GAAP EPS is 26.04.

What is the Fund Sentiment?

There are 319 funds or institutions reporting positions in Futu Holdings Ltd – ADR. This is a decrease of 16 owner(s) or 4.78% in the last quarter. Average portfolio weight of all funds dedicated to FUTU is 0.20%, a decrease of 19.85%. Total shares owned by institutions decreased in the last three months by 13.58% to 34,223K shares. The put/call ratio of FUTU is 1.20, indicating a bearish outlook.

What are Other Shareholders Doing?

Aspex Management holds 4,520K shares representing 3.24% ownership of the company. No change in the last quarter.

Goldman Sachs Group holds 3,409K shares representing 2.44% ownership of the company. In it’s prior filing, the firm reported owning 2,711K shares, representing an increase of 20.48%. The firm increased its portfolio allocation in FUTU by 213.29% over the last quarter.

AEPGX – EUROPACIFIC GROWTH FUND holds 2,062K shares representing 1.48% ownership of the company. In it’s prior filing, the firm reported owning 2,077K shares, representing a decrease of 0.68%. The firm increased its portfolio allocation in FUTU by 18.76% over the last quarter.

Greenwoods Asset Management Hong Kong holds 1,802K shares representing 1.29% ownership of the company. In it’s prior filing, the firm reported owning 0K shares, representing an increase of 100.00%.

Baillie Gifford holds 1,114K shares representing 0.80% ownership of the company. In it’s prior filing, the firm reported owning 1,081K shares, representing an increase of 2.95%. The firm decreased its portfolio allocation in FUTU by 24.59% over the last quarter.

Futu Holdings Background Information
(This description is provided by the company.)

Futu Holdings Limited is an advanced technology company transforming the investing experience by offering a fully digitized brokerage and wealth management platform. The Company primarily serves the emerging affluent Chinese population, pursuing a massive opportunity to facilitate a once-in-a-generation shift in the wealth management industry and build a digital gateway into broader financial services. The Company provides investing services through its proprietary digital platform, Futubull, a highly integrated application accessible through any mobile device, tablet or desktop. The Company’s primary fee-generating services include trade execution and margin financing which allow its clients to trade securities, such as stocks, warrants, options, futures and exchange-traded funds, or ETFs, across different markets. Futu enhances the user and client experience with market data and news, research, as well as powerful analytical tools, providing them with a data rich foundation to simplify the investing decision-making process. Futu has also embedded social media tools to create a network centered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders.

This article originally appeared on Fintel