Trivest Advisors Ltd Acquires New Holdings in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU)

Key Points

• Trivest Advisors Ltd acquired 963,863 shares of Futu Holdings Limited, totaling approximately $98.65 million, making it the fund's 4th largest holding.
• Multiple institutional investors have significantly increased their stakes in Futu, with some firms like Spire Wealth Management and Versant Capital Management boosting their positions by over 2,000%.
• Analysts have raised the target price of Futu shares; Bank of America now rates it as a "buy" with a target of $143.90, highlighting optimism regarding the company's future growth prospects.

Trivest Advisors Ltd purchased a new position in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 963,863 shares of the company's stock, valued at approximately $98,651,000. Futu accounts for about 8.4% of Trivest Advisors Ltd's investment portfolio, making the stock its 4th largest position. Trivest Advisors Ltd owned approximately 0.69% of Futu at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of FUTU. Raymond James Financial Inc. acquired a new stake in shares of Futu in the fourth quarter worth $786,000. American Century Companies Inc. increased its position in shares of Futu by 5.7% in the fourth quarter. American Century Companies Inc. now owns 8,994 shares of the company's stock worth $719,000 after acquiring an additional 488 shares in the last quarter. Sei Investments Co. increased its position in shares of Futu by 381.3% in the fourth quarter. Sei Investments Co. now owns 51,903 shares of the company's stock worth $4,152,000 after acquiring an additional 41,119 shares in the last quarter. LPL Financial LLC acquired a new stake in shares of Futu in the fourth quarter worth $381,000. Finally, Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Futu by 17.0% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 29,387 shares of the company's stock worth $2,351,000 after acquiring an additional 4,276 shares in the last quarter.

Futu Trading Down 7.9%

NASDAQ FUTU traded down $12.16 during trading hours on Friday, reaching $141.52. 3,168,176 shares of the company traded hands, compared to its average volume of 2,722,247. Futu Holdings Limited Sponsored ADR has a 12 month low of $51.80 and a 12 month high of $174.36. The stock has a market capitalization of $19.69 billion, a PE ratio of 23.62, a PEG ratio of 1.19 and a beta of 0.60. The company has a 50 day moving average of $128.65 and a two-hundred day moving average of $110.21.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on FUTU shares. Bank of America raised their price target on shares of Futu from $123.70 to $143.90 and gave the company a "buy" rating in a report on Wednesday, June 11th. Citigroup raised their price target on shares of Futu from $113.00 to $176.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Finally, Barclays started coverage on shares of Futu in a report on Thursday, July 17th. They set an "overweight" rating and a $176.00 price target for the company. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Futu presently has a consensus rating of "Moderate Buy" and a consensus target price of $152.82.

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.