Futu Holdings Limited (NASDAQ:FUTU) Shares Sold by Bank of America Corp DE

Bank of America Corp DE trimmed its stake in Futu Holdings Limited (NASDAQ:FUTU - Free Report) by 38.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 101,706 shares of the company's stock after selling 63,875 shares during the period. Bank of America Corp DE owned 0.07% of Futu worth $8,135,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Ameriprise Financial Inc. increased its stake in Futu by 200.5% during the 4th quarter. Ameriprise Financial Inc. now owns 19,689 shares of the company's stock valued at $1,579,000 after purchasing an additional 13,136 shares in the last quarter. AdvisorShares Investments LLC purchased a new position in Futu during the fourth quarter valued at approximately $356,000. Hhlr Advisors LTD. lifted its holdings in Futu by 6.4% during the fourth quarter. Hhlr Advisors LTD. now owns 1,118,303 shares of the company's stock valued at $89,453,000 after purchasing an additional 67,214 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Futu by 89.8% in the fourth quarter. Northern Trust Corp now owns 348,413 shares of the company's stock worth $27,870,000 after buying an additional 164,892 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Futu by 344.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 107,717 shares of the company's stock worth $8,616,000 after buying an additional 83,486 shares in the last quarter.

Futu Price Performance

Shares of FUTU stock traded down $4.75 during trading hours on Friday, reaching $102.61. 872,731 shares of the stock were exchanged, compared to its average volume of 2,841,024. The business's fifty day moving average is $96.40 and its two-hundred day moving average is $95.91. Futu Holdings Limited has a 12-month low of $51.80 and a 12-month high of $130.88. The firm has a market capitalization of $14.28 billion, a P/E ratio of 25.13, a P/E/G ratio of 0.79 and a beta of 0.67.

Futu (NASDAQ:FUTU - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The company reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.01. Futu had a return on equity of 16.86% and a net margin of 38.59%. The firm had revenue of $603.43 million during the quarter, compared to the consensus estimate of $594.86 million. As a group, equities research analysts predict that Futu Holdings Limited will post 4.94 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on FUTU shares. JPMorgan Chase & Co. boosted their price objective on shares of Futu from $160.00 to $170.00 and gave the company an "overweight" rating in a research report on Friday, March 14th. UBS Group upped their price objective on shares of Futu from $130.00 to $136.00 and gave the stock a "buy" rating in a research note on Monday, March 17th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Futu currently has a consensus rating of "Moderate Buy" and an average target price of $121.20.

About Futu

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.