Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) Stake Cut by AI Squared Management Ltd

Key Points

• AI Squared Management Ltd reduced its stake in Futu Holdings Limited by 52.4% in the first quarter, holding 41,700 shares worth approximately $4.27 million.
• Futu has recently garnered interest from various hedge funds, including Trivest Advisors Ltd and Point72 Hong Kong Ltd, with significant new investments reported during the first quarter.
• Analyst ratings suggest a consensus of "Moderate Buy" for Futu, with Barclays and Bank of America both increasing their price targets significantly.

AI Squared Management Ltd cut its holdings in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 52.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 41,700 shares of the company's stock after selling 45,898 shares during the quarter. Futu accounts for 4.0% of AI Squared Management Ltd's investment portfolio, making the stock its 8th largest position. AI Squared Management Ltd's holdings in Futu were worth $4,268,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Mackenzie Financial Corp increased its position in shares of Futu by 2.0% in the 4th quarter. Mackenzie Financial Corp now owns 4,475 shares of the company's stock valued at $358,000 after purchasing an additional 87 shares during the last quarter. Voya Investment Management LLC increased its position in shares of Futu by 1.6% in the 4th quarter. Voya Investment Management LLC now owns 9,549 shares of the company's stock valued at $764,000 after purchasing an additional 153 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Futu by 77.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 452 shares of the company's stock valued at $36,000 after purchasing an additional 197 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Futu by 1.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,000 shares of the company's stock valued at $2,047,000 after purchasing an additional 220 shares during the last quarter. Finally, Allianz SE purchased a new stake in shares of Futu in the 1st quarter valued at approximately $30,000.

Futu Trading Up 2.8%

Shares of NASDAQ FUTU traded up $4.33 during mid-day trading on Friday, reaching $160.92. The company had a trading volume of 1,730,453 shares, compared to its average volume of 2,607,360. The firm has a 50 day simple moving average of $134.12 and a two-hundred day simple moving average of $113.08. The stock has a market cap of $22.39 billion, a P/E ratio of 26.82, a PEG ratio of 0.98 and a beta of 0.49. Futu Holdings Limited Sponsored ADR has a 52-week low of $56.22 and a 52-week high of $174.36.

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

Analyst Ratings Changes

FUTU has been the topic of a number of recent analyst reports. Citigroup increased their price objective on shares of Futu from $113.00 to $176.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Bank of America increased their target price on shares of Futu from $123.70 to $143.90 and gave the company a "buy" rating in a research report on Wednesday, June 11th. Finally, Barclays initiated coverage on shares of Futu in a research report on Thursday, July 17th. They issued an "overweight" rating and a $176.00 target price on the stock. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average 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.