ARK Investment Management LLC Purchases New Shares in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU)

Key Points

• ARK Investment Management LLC has made a significant investment of approximately $12.69 million in Futu Holdings by acquiring 123,959 shares during the first quarter.
• Futu Holdings has experienced a strong financial performance, reporting a net margin of 41.74% and beating earnings expectations for the last quarter.
• Analysts have raised their price targets for Futu, with recent estimates reaching as high as $176.00, indicating a strong outlook for the stock.

ARK Investment Management LLC bought a new position in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 123,959 shares of the company's stock, valued at approximately $12,687,000. ARK Investment Management LLC owned approximately 0.09% of Futu as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings 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 worth $36,000 after purchasing an additional 197 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Futu in the 4th quarter worth approximately $60,000. Spire Wealth Management raised its holdings in Futu by 2,066.7% during the 1st quarter. Spire Wealth Management now owns 650 shares of the company's stock valued at $67,000 after acquiring an additional 620 shares during the period. Rakuten Securities Inc. raised its holdings in Futu by 53.0% during the 1st quarter. Rakuten Securities Inc. now owns 1,045 shares of the company's stock valued at $107,000 after acquiring an additional 362 shares during the period. Finally, Versant Capital Management Inc raised its holdings in Futu by 2,723.1% during the 1st quarter. Versant Capital Management Inc now owns 1,101 shares of the company's stock valued at $113,000 after acquiring an additional 1,062 shares during the period.

Futu Price Performance

FUTU stock traded down $2.53 during mid-day trading on Wednesday, reaching $152.71. The company had a trading volume of 1,311,047 shares, compared to its average volume of 2,713,697. The firm has a 50 day moving average of $126.98 and a 200 day moving average of $109.38. Futu Holdings Limited Sponsored ADR has a 12 month low of $51.80 and a 12 month high of $174.36. The company has a market capitalization of $21.25 billion, a PE ratio of 25.46, a price-to-earnings-growth ratio of 1.28 and a beta of 0.60.

Futu (NASDAQ:FUTU - Get Free Report) last posted its earnings results on Thursday, May 29th. The company reported $1.96 EPS for the quarter, beating analysts' consensus estimates 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%. Analysts anticipate that Futu Holdings Limited Sponsored ADR will post 4.94 EPS for the current year.

Wall Street Analyst Weigh In

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