Cetera Investment Advisers Raises Position in Futu Holdings Limited Sponsored ADR $FUTU

Key Points

• Cetera Investment Advisers increased its stake in Futu Holdings by 62.1% in the first quarter, holding 5,431 shares worth $556,000.
• Futu Holdings reported a net margin of 41.74% and revenue of $603.43 million for the last quarter, exceeding analysts' expectations.
• A number of analysts have raised their target prices for Futu, with a consensus rating of "Buy" and an average price target of $158.13.

Cetera Investment Advisers lifted its stake in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 62.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,431 shares of the company's stock after purchasing an additional 2,080 shares during the quarter. Cetera Investment Advisers' holdings in Futu were worth $556,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. boosted its position in shares of 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 purchasing an additional 16,086 shares in the last quarter. Yong Rong HK Asset Management Ltd bought a new position in shares of Futu during the 1st quarter worth about $77,172,000. GAM Holding AG raised its holdings in shares of Futu by 41.7% in the 1st quarter. GAM Holding AG now owns 8,500 shares of the company's stock worth $870,000 after acquiring an additional 2,500 shares during the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of Futu in the 4th quarter worth about $11,482,000. Finally, Ninety One UK Ltd acquired a new stake in shares of Futu in the 1st quarter worth about $42,903,000.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FUTU. Daiwa America upgraded shares of Futu to a "strong-buy" rating in a report on Tuesday, August 12th. Barclays initiated coverage on shares of Futu in a research report on Thursday, July 17th. They set an "overweight" rating and a $176.00 target price for the company. Bank of America increased their target price on shares of Futu from $123.70 to $143.90 and gave the company a "buy" rating in a research report on Wednesday, June 11th. Daiwa Capital Markets assumed coverage on shares of Futu in a research note on Monday, August 11th. They set a "buy" rating and a $190.00 price target on the stock. Finally, Citigroup increased their target price on shares of Futu from $113.00 to $176.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $158.13.

Futu Stock Performance

Shares of FUTU stock traded up $5.6320 on Wednesday, hitting $174.1520. 3,794,087 shares of the company's stock traded hands, compared to its average volume of 2,675,774. Futu Holdings Limited Sponsored ADR has a one year low of $56.22 and a one year high of $179.17. The company's fifty day simple moving average is $142.93 and its 200 day simple moving average is $116.82. The stock has a market capitalization of $24.23 billion, a price-to-earnings ratio of 29.09, a P/E/G ratio of 1.07 and a beta of 0.49.

Futu (NASDAQ:FUTU - Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The company reported $1.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.95 by $0.01. The business had revenue of $603.43 million for the quarter, compared to analyst estimates of $594.86 million. Futu had a net margin of 41.74% and a return on equity of 23.07%. As a group, sell-side analysts anticipate that Futu Holdings Limited Sponsored ADR will post 4.94 earnings per share for the current fiscal year.

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.