Citigroup Inc. Reduces Stock Holdings in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU)

Citigroup Inc. decreased its holdings in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) by 3.7% in the first quarter, HoldingsChannel.com reports. The fund owned 233,210 shares of the company’s stock after selling 8,889 shares during the period. Citigroup Inc.’s holdings in Futu were worth $23,869,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Mackenzie Financial Corp lifted its stake in Futu by 2.0% in the fourth quarter. Mackenzie Financial Corp now owns 4,475 shares of the company’s stock worth $358,000 after acquiring an additional 87 shares during the period. Voya Investment Management LLC lifted its stake in Futu by 1.6% in the fourth quarter. Voya Investment Management LLC now owns 9,549 shares of the company’s stock worth $764,000 after acquiring an additional 153 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Futu by 77.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 452 shares of the company’s stock worth $36,000 after purchasing an additional 197 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Futu by 1.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,000 shares of the company’s stock worth $2,047,000 after purchasing an additional 220 shares in the last quarter. Finally, Allianz SE bought a new position in Futu in the first quarter worth $30,000.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Daiwa Capital Markets assumed coverage on Futu in a report on Monday. They issued a “buy” rating and a $190.00 price objective for the company. Bank of America increased their price objective on Futu from $123.70 to $143.90 and gave the stock a “buy” rating in a report on Wednesday, June 11th. Citigroup increased their price objective on Futu from $113.00 to $176.00 and gave the stock a “neutral” rating in a report on Tuesday, July 22nd. Finally, Barclays assumed coverage on Futu in a report on Thursday, July 17th. They issued an “overweight” rating and a $176.00 price objective for the company. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $158.13.

Futu Price Performance

Shares of NASDAQ:FUTU opened at $165.18 on Wednesday. Futu Holdings Limited Sponsored ADR has a 1-year low of $56.22 and a 1-year high of $174.36. The business has a fifty day moving average price of $136.44 and a 200-day moving average price of $114.18. The company has a market capitalization of $22.98 billion, a PE ratio of 27.53, a PEG ratio of 0.99 and a beta of 0.49.

Futu (NASDAQ:FUTU) last issued its quarterly earnings results on Thursday, May 29th. The company reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.95 by $0.01. Futu had a return on equity of 23.07% and a net margin of 41.74%. The firm had revenue of $603.43 million during the quarter, compared to the consensus estimate of $594.86 million. On average, sell-side analysts anticipate that Futu Holdings Limited Sponsored ADR will post 4.94 earnings per share for the current fiscal year.

Futu Profile

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.