ARK Investment Management LLC Has $16.12 Million Stake in Futu Holdings Limited Sponsored ADR $FUTU

Key Points

• ARK Investment Management LLC increased its stake in Futu Holdings Limited by 5.2% during the second quarter, bringing its total ownership to $16.12 million.
• Futu's stock has seen substantial hedge fund interest, with notable increases in holdings from firms like Swedbank AB (up 729.5%) and China Universal Asset Management (up 1,137.6%) in the first quarter.
• Equities analysts have raised their price targets for Futu, with Barclays setting a new objective of $232.00 and an overall consensus rating of "Moderate Buy".

ARK Investment Management LLC grew its stake in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 5.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,439 shares of the company's stock after acquiring an additional 6,480 shares during the period. ARK Investment Management LLC owned 0.09% of Futu worth $16,121,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Erste Asset Management GmbH bought a new position in shares of Futu in the 1st quarter valued at about $1,036,000. Charles Schwab Investment Management Inc. grew its holdings 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 valued at $6,901,000 after acquiring an additional 5,056 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its holdings 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 valued at $1,791,000 after acquiring an additional 16,086 shares in the last quarter. Swedbank AB grew its holdings in shares of Futu by 729.5% in the 2nd quarter. Swedbank AB now owns 50,600 shares of the company's stock valued at $6,254,000 after acquiring an additional 44,500 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI bought a new position in shares of Futu in the 1st quarter valued at about $16,112,000.

Futu Trading Up 0.8%

NASDAQ:FUTU opened at $169.21 on Wednesday. The stock has a market cap of $23.54 billion, a P/E ratio of 23.47, a PEG ratio of 0.73 and a beta of 0.48. The stock has a 50 day simple moving average of $176.43 and a 200 day simple moving average of $137.88. Futu Holdings Limited Sponsored ADR has a 1-year low of $70.60 and a 1-year high of $199.86.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Barclays raised their price objective on Futu from $176.00 to $232.00 and gave the company an "overweight" rating in a report on Friday, August 22nd. Zacks Research cut Futu from a "strong-buy" rating to a "hold" rating in a report on Friday, October 3rd. Weiss Ratings reiterated a "hold (c+)" rating on shares of Futu in a report on Wednesday, October 8th. Daiwa America upgraded Futu to a "strong-buy" rating in a report on Tuesday, August 12th. Finally, Citigroup lifted their price target on Futu from $176.00 to $190.00 and gave the stock a "neutral" rating in a report on Thursday, August 21st. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, Futu currently has a consensus rating of "Moderate Buy" and an average price target 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.

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