Acadian Asset Management LLC Decreases Stake in Futu Holdings Limited Sponsored ADR $FUTU

Acadian Asset Management LLC cut its holdings in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) by 68.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 147,018 shares of the company’s stock after selling 319,812 shares during the quarter. Acadian Asset Management LLC owned 0.11% of Futu worth $15,035,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Erste Asset Management GmbH purchased a new stake in shares of Futu in the first quarter valued at approximately $1,036,000. Charles Schwab Investment Management Inc. boosted its position in Futu by 8.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 67,430 shares of the company’s stock worth $6,901,000 after purchasing an additional 5,056 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its position in Futu by 1,137.6% during the first quarter. China Universal Asset Management Co. Ltd. now owns 17,500 shares of the company’s stock worth $1,791,000 after purchasing an additional 16,086 shares in the last quarter. Yong Rong HK Asset Management Ltd purchased a new stake in Futu during the first quarter worth $77,172,000. Finally, Hsbc Holdings PLC boosted its position in Futu by 5.5% during the first quarter. Hsbc Holdings PLC now owns 386,028 shares of the company’s stock worth $39,505,000 after purchasing an additional 20,202 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FUTU. JPMorgan Chase & Co. raised their target price on shares of Futu from $200.00 to $270.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. Citigroup raised their target price on shares of Futu from $176.00 to $190.00 and gave the company a “neutral” rating in a report on Thursday, August 21st. Dbs Bank upgraded shares of Futu to a “moderate buy” rating in a report on Thursday, September 4th. Barclays raised their target price on shares of Futu from $176.00 to $232.00 and gave the company an “overweight” rating in a report on Friday, August 22nd. Finally, Daiwa Capital Markets started coverage on Futu in a research report on Monday, August 11th. They issued a “buy” rating and a $190.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $190.43.

Futu Stock Up 2.6%

Shares of NASDAQ:FUTU opened at $186.12 on Friday. Futu Holdings Limited Sponsored ADR has a 52-week low of $56.22 and a 52-week high of $199.86. The stock’s fifty day simple moving average is $165.86 and its 200-day simple moving average is $125.66. The company has a market capitalization of $25.90 billion, a P/E ratio of 25.81, a P/E/G ratio of 0.80 and a beta of 0.57.

About Futu

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.