Candriam S.C.A. Cuts Position in Futu Holdings Limited Sponsored ADR $FUTU

Key Points

• Candriam S.C.A. has reduced its stake in Futu Holdings by 35%, now holding approximately 227,392 shares valued at $23.27 million.
• Futu Holdings reported earnings of $1.96 per share for the last quarter, exceeding analysts' expectations of $1.95, with a revenue of $603.43 million.
• Several analysts have rated Futu as a strong buy, with a consensus price target around $158.13, indicating positive outlooks from various financial institutions.

Candriam S.C.A. lessened its position in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 35.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 227,392 shares of the company's stock after selling 122,708 shares during the period. Candriam S.C.A. owned about 0.16% of Futu worth $23,274,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of FUTU. Atlas Capital Advisors Inc. acquired a new position in shares of Futu during the first quarter worth $26,000. Allianz SE purchased a new stake in Futu during the 1st quarter worth about $30,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Futu by 77.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 452 shares of the company's stock worth $36,000 after acquiring an additional 197 shares in the last quarter. Spire Wealth Management increased its holdings in shares of Futu by 2,066.7% in 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 last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Futu in the 4th quarter valued at about $60,000.

Analysts Set New Price Targets

Several analysts have recently weighed in on FUTU shares. Bank of America boosted their price objective on shares of Futu from $172.00 to $200.00 and gave the stock a "buy" rating in a research report on Thursday, August 21st. Barclays boosted their price target on shares of Futu from $176.00 to $232.00 and gave the company an "overweight" rating in a research report on Friday. Daiwa Capital Markets began coverage on Futu in a report on Monday, August 11th. They set a "buy" rating and a $190.00 price objective on the stock. Citigroup lifted their target price on Futu from $176.00 to $190.00 and gave the stock a "neutral" rating in a research report on Thursday, August 21st. Finally, Daiwa America raised Futu to a "strong-buy" rating in a research report on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $176.14.

Futu Stock Down 0.8%

Shares of NASDAQ FUTU traded down $1.54 during mid-day trading on Tuesday, hitting $193.20. 591,358 shares of the company were exchanged, compared to its average volume of 2,680,552. The stock has a 50 day simple moving average of $148.55 and a 200-day simple moving average of $119.42. Futu Holdings Limited Sponsored ADR has a 1-year low of $56.22 and a 1-year high of $197.35. The firm has a market cap of $26.88 billion, a price-to-earnings ratio of 26.79, a price-to-earnings-growth ratio of 0.85 and a beta of 0.49.

Futu (NASDAQ:FUTU - Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The company reported $1.96 EPS for the quarter, topping analysts' consensus estimates of $1.95 by $0.01. The company had revenue of $603.43 million during the quarter, compared to the consensus estimate of $594.86 million. Futu had a net margin of 44.25% and a return on equity of 26.36%. Analysts anticipate that Futu Holdings Limited Sponsored ADR will post 4.94 earnings per share for the current fiscal year.

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.