Yong Rong HK Asset Management Ltd Makes New $77.17 Million Investment in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU)

Yong Rong HK Asset Management Ltd purchased a new stake in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 754,000 shares of the company's stock, valued at approximately $77,172,000. Futu comprises about 17.9% of Yong Rong HK Asset Management Ltd's investment portfolio, making the stock its biggest position. Yong Rong HK Asset Management Ltd owned about 0.55% of Futu at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FUTU. Norges Bank acquired a new stake in Futu during the fourth quarter worth $39,163,000. GAM Holding AG increased its stake in Futu by 41.7% during the first quarter. GAM Holding AG now owns 8,500 shares of the company's stock worth $870,000 after acquiring an additional 2,500 shares during the last quarter. GF Fund Management CO. LTD. acquired a new stake in Futu during the fourth quarter worth $11,482,000. Nomura Asset Management Co. Ltd. increased its stake in Futu by 189.5% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 39,047 shares of the company's stock worth $3,123,000 after acquiring an additional 25,557 shares during the last quarter. Finally, Northern Trust Corp increased its stake in Futu by 89.8% during the fourth quarter. Northern Trust Corp now owns 348,413 shares of the company's stock worth $27,870,000 after acquiring an additional 164,892 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on FUTU shares. UBS Group raised their target price on Futu from $130.00 to $136.00 and gave the stock a "buy" rating in a research note on Monday, March 17th. JPMorgan Chase & Co. raised their target price on Futu from $160.00 to $170.00 and gave the stock an "overweight" rating in a research note on Friday, March 14th. Finally, Bank of America lifted their price objective on Futu from $123.70 to $143.90 and gave the company a "buy" rating in a research note on Wednesday, June 11th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Futu presently has a consensus rating of "Moderate Buy" and a consensus price target of $131.98.

Futu Stock Performance

Shares of NASDAQ FUTU traded up $1.34 during trading on Monday, reaching $123.13. The stock had a trading volume of 1,831,936 shares, compared to its average volume of 2,910,900. Futu Holdings Limited Sponsored ADR has a fifty-two week low of $51.80 and a fifty-two week high of $130.88. The business's 50-day moving average price is $110.32 and its 200-day moving average price is $101.24. The company has a market cap of $17.13 billion, a P/E ratio of 20.52, a PEG ratio of 0.96 and a beta of 0.60.

Futu (NASDAQ:FUTU - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The company reported $1.96 earnings per share for the quarter, beating analysts' consensus estimates of $1.95 by $0.01. Futu had a return on equity of 23.07% and a net margin of 41.74%. The business had revenue of $603.43 million during the quarter, compared to analysts' expectations of $594.86 million. Analysts forecast that Futu Holdings Limited Sponsored ADR will post 4.94 EPS for the current fiscal year.

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.