Allianz Asset Management GmbH Sells 86,688 Shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU)

Key Points

• Allianz Asset Management GmbH reduced its stake in Futu Holdings by 43.6%, selling 86,688 shares in the first quarter, leaving it with 112,014 shares valued at approximately $11.5 million.
• Futu Holdings reported a quarterly earnings per share of $1.96, exceeding analyst expectations of $1.95, along with $603.43 million in revenue.
• Analysts currently rate Futu Holdings with a consensus of "Moderate Buy" and a price target averaging $152.82, with Citigroup recently increasing its price objective to $176.00.

Allianz Asset Management GmbH cut its holdings in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 43.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 112,014 shares of the company's stock after selling 86,688 shares during the period. Allianz Asset Management GmbH owned about 0.08% of Futu worth $11,465,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Norges Bank bought a new stake in Futu during the 4th quarter worth approximately $39,163,000. China Universal Asset Management Co. Ltd. grew its position in Futu by 1,137.6% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 17,500 shares of the company's stock worth $1,791,000 after acquiring an additional 16,086 shares during the last quarter. Yong Rong HK Asset Management Ltd acquired a new position in Futu during the 1st quarter worth $77,172,000. GAM Holding AG lifted its holdings in Futu by 41.7% during the 1st quarter. GAM Holding AG now owns 8,500 shares of the company's stock worth $870,000 after buying an additional 2,500 shares in the last quarter. Finally, GF Fund Management CO. LTD. acquired a new position in Futu during the 4th quarter worth $11,482,000.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Bank of America upped their price objective on Futu from $123.70 to $143.90 and gave the stock a "buy" rating in a report on Wednesday, June 11th. Citigroup upped their price target on Futu from $113.00 to $176.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Finally, Barclays began coverage on Futu in a research note on Thursday, July 17th. They set an "overweight" rating and a $176.00 price target 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 MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $152.82.

Futu Price Performance

Shares of Futu stock traded down $4.29 on Wednesday, hitting $150.94. 2,076,240 shares of the company's stock traded hands, compared to its average volume of 2,652,941. The firm's 50-day moving average price is $127.81 and its two-hundred day moving average price is $109.67. The stock has a market capitalization of $21.00 billion, a PE ratio of 25.16, a price-to-earnings-growth ratio of 1.22 and a beta of 0.60. Futu Holdings Limited Sponsored ADR has a one year low of $51.80 and a one year high of $174.36.

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

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.