Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Futu Holdings Limited (NASDAQ:FUTU – Free Report) by 4.7% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 34,138 shares of the company’s stock after acquiring an additional 1,542 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Futu were worth $1,770,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the company. BlackRock Inc. raised its position in Futu by 9.3% during the 1st quarter. BlackRock Inc. now owns 2,586,169 shares of the company’s stock valued at $84,204,000 after purchasing an additional 220,500 shares in the last quarter. Vontobel Holding Ltd. bought a new stake in shares of Futu in the first quarter valued at about $326,000. Aviva PLC grew its holdings in Futu by 18.5% during the 1st quarter. Aviva PLC now owns 13,111 shares of the company’s stock worth $427,000 after acquiring an additional 2,043 shares in the last quarter. Ergoteles LLC increased its position in Futu by 564.5% during the 1st quarter. Ergoteles LLC now owns 168,628 shares of the company’s stock valued at $5,491,000 after purchasing an additional 143,252 shares during the period. Finally, USS Investment Management Ltd purchased a new position in Futu during the 1st quarter valued at about $742,000. Hedge funds and other institutional investors own 23.99% of the company’s stock.
Analysts Set New Price Targets
FUTU has been the subject of a number of analyst reports. Morgan Stanley lowered Futu from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $44.00 to $34.00 in a report on Thursday, May 18th. Bank of America raised their price objective on Futu from $27.00 to $32.15 in a research report on Thursday, May 25th. TheStreet downgraded shares of Futu from a “b-” rating to a “c+” rating in a report on Friday, July 7th. JPMorgan Chase & Co. cut shares of Futu from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $65.00 to $46.00 in a report on Wednesday, May 17th. Finally, Credit Suisse Group upgraded shares of Futu from a “neutral” rating to an “outperform” rating and set a $49.00 price objective for the company in a research note on Thursday, May 25th. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $46.18.
Futu Stock Performance
Shares of FUTU stock opened at $48.80 on Thursday. The firm has a market capitalization of $7.34 billion, a price-to-earnings ratio of 15.25, a PEG ratio of 1.00 and a beta of 0.85. The stock’s 50-day simple moving average is $47.21 and its 200-day simple moving average is $45.85. Futu Holdings Limited has a fifty-two week low of $28.00 and a fifty-two week high of $72.20.
Futu (NASDAQ:FUTU – Get Free Report) last released its earnings results on Wednesday, May 24th. The company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.17. The company had revenue of $318.46 million for the quarter. Futu had a net margin of 41.87% and a return on equity of 17.14%. As a group, equities analysts forecast that Futu Holdings Limited will post 3.39 earnings per share for the current 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.
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