Aberdeen Group plc Cuts Position in Futu Holdings Limited Sponsored ADR $FUTU

Aberdeen Group plc lessened its stake in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) by 4.4% in the second quarter, HoldingsChannel.com reports. The firm owned 68,382 shares of the company’s stock after selling 3,115 shares during the quarter. Aberdeen Group plc’s holdings in Futu were worth $8,355,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Atlas Capital Advisors Inc. purchased a new position in Futu during the 1st quarter valued at about $26,000. Geneos Wealth Management Inc. acquired a new stake in shares of Futu in the first quarter worth approximately $27,000. Allianz SE acquired a new stake in shares of Futu in the first quarter worth approximately $30,000. SVB Wealth LLC acquired a new position in Futu during the first quarter valued at approximately $40,000. Finally, Smartleaf Asset Management LLC raised its stake in shares of Futu by 38.7% during the first quarter. Smartleaf Asset Management LLC now owns 616 shares of the company’s stock valued at $64,000 after purchasing an additional 172 shares during the period.

Futu Stock Performance

NASDAQ:FUTU opened at $156.60 on Friday. Futu Holdings Limited Sponsored ADR has a 52 week low of $70.60 and a 52 week high of $199.86. The stock’s 50 day moving average price is $176.13 and its 200 day moving average price is $136.15. The company has a market capitalization of $21.79 billion, a P/E ratio of 21.72, a P/E/G ratio of 0.69 and a beta of 0.48.

Wall Street Analysts Forecast Growth

FUTU has been the subject of a number of research analyst reports. Zacks Research lowered shares of Futu from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 3rd. Dbs Bank upgraded shares of Futu to a “moderate buy” rating in a research report on Thursday, September 4th. Bank of America upped their price objective on shares of Futu from $172.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, August 21st. JPMorgan Chase & Co. upped their price target on shares of Futu from $200.00 to $270.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Futu in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Futu currently has a consensus rating of “Moderate Buy” and an average target price of $190.43.

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.