24,866 Shares in Futu Holdings Limited Sponsored ADR $FUTU Purchased by Exchange Traded Concepts LLC

Key Points

• Exchange Traded Concepts LLC has acquired 24,866 shares of Futu Holdings Limited Sponsored ADR, valued at approximately $3,073,000.
• Futu's stock price opened at $177.99 with a market capitalization of $24.77 billion and an average rating of "Buy" among analysts.
• Analysts have shown increased confidence in Futu, with upgrades and price objectives raised by multiple firms, including JPMorgan Chase & Co. increasing their price target to $270.00.

Exchange Traded Concepts LLC bought a new position in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 24,866 shares of the company's stock, valued at approximately $3,073,000.

A number of other hedge funds also recently bought and sold shares of FUTU. Erste Asset Management GmbH purchased a new stake in shares of Futu during the first quarter valued at approximately $1,036,000. Charles Schwab Investment Management Inc. boosted its stake in Futu by 8.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 67,430 shares of the company's stock valued at $6,901,000 after purchasing an additional 5,056 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in shares of Futu by 1,137.6% in the 1st 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. Inspire Investing LLC purchased a new position in shares of Futu in the first quarter worth $730,000. Finally, Zurich Insurance Group Ltd FI bought a new position in shares of Futu during the first quarter valued at $16,112,000.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Citigroup boosted their target price on Futu from $176.00 to $190.00 and gave the stock a "neutral" rating in a research report on Thursday, August 21st. Daiwa Capital Markets assumed coverage on shares of Futu in a report on Monday, August 11th. They set a "buy" rating and a $190.00 price objective for the company. Bank of America raised their target price on shares of Futu from $172.00 to $200.00 and gave the stock a "buy" rating in a report on Thursday, August 21st. Dbs Bank upgraded shares of Futu to a "moderate buy" rating in a research note on Thursday, September 4th. Finally, Barclays raised their price target on Futu from $176.00 to $232.00 and gave the stock an "overweight" rating in a research note on Friday, August 22nd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Futu has an average rating of "Buy" and a consensus target price of $190.43.

Futu Stock Down 5.8%

FUTU traded down $10.27 during midday trading on Monday, reaching $167.72. The company had a trading volume of 4,003,227 shares, compared to its average volume of 2,639,534. Futu Holdings Limited Sponsored ADR has a 1 year low of $66.22 and a 1 year high of $199.86. The company has a market cap of $23.34 billion, a P/E ratio of 23.26, a P/E/G ratio of 0.79 and a beta of 0.57. The business has a 50-day moving average of $171.02 and a two-hundred day moving average of $128.68.

Futu Company 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.