Futu Holdings Limited Sponsored ADR $FUTU Shares Sold by Acadian Asset Management LLC

Key Points

• Acadian Asset Management LLC has reduced its stake in Futu Holdings Limited by 68.5%, holding now 147,018 shares after selling 319,812 shares in the first quarter.
• Several institutional investors have increased their positions in Futu, notably Yong Rong HK Asset Management Ltd with a new stake valued at approximately $77.17 million.
• Wall Street analysts are optimistic about Futu, with JPMorgan raising the target price from $200.00 to $270.00 and multiple firms giving the stock a consensus rating of "Buy."

Acadian Asset Management LLC reduced its position in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 68.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 147,018 shares of the company's stock after selling 319,812 shares during the quarter. Acadian Asset Management LLC owned 0.11% of Futu worth $15,035,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of FUTU. Erste Asset Management GmbH bought a new position in Futu during the 1st quarter valued at approximately $1,036,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Futu by 8.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 67,430 shares of the company's stock worth $6,901,000 after buying an additional 5,056 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its stake 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 buying an additional 16,086 shares during the last quarter. Yong Rong HK Asset Management Ltd purchased a new position in Futu during the first quarter valued at $77,172,000. Finally, Hsbc Holdings PLC lifted its position in Futu by 5.5% during the first quarter. Hsbc Holdings PLC now owns 386,028 shares of the company's stock valued at $39,505,000 after purchasing an additional 20,202 shares in the last quarter.

Futu Trading Down 0.1%

Shares of FUTU stock traded down $0.23 during trading hours on Friday, reaching $185.89. 924,454 shares of the company's stock were exchanged, compared to its average volume of 2,145,466. Futu Holdings Limited Sponsored ADR has a 1 year low of $56.36 and a 1 year high of $199.86. The stock has a market cap of $25.86 billion, a PE ratio of 25.78, a PEG ratio of 0.82 and a beta of 0.57. The stock's fifty day moving average price is $167.14 and its two-hundred day moving average price is $126.41.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Futu from $200.00 to $270.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Barclays lifted their price objective on shares of Futu from $176.00 to $232.00 and gave the stock an "overweight" rating in a research report on Friday, August 22nd. Daiwa Capital Markets assumed coverage on shares of Futu in a research note on Monday, August 11th. They issued a "buy" rating and a $190.00 price objective on the stock. Dbs Bank upgraded shares of Futu to a "moderate buy" rating in a research report on Thursday, September 4th. Finally, Bank of America upped their price objective on shares of Futu from $172.00 to $200.00 and gave the company a "buy" rating in a research note on Thursday, August 21st. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $190.43.

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.