Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) Shares Sold by Citigroup Inc.

Key Points

• Citigroup Inc. sold 8,889 shares of Futu Holdings Limited during Q1, reducing its stake by 3.7%, and now owns approximately 233,210 shares valued at $23.87 million.
• Several institutional investors, including Spire Wealth Management and Allianz SE, have increased their positions in Futu Holdings significantly this year, indicating growing interest in the stock.
• Analysts have set new price targets for Futu, with Citigroup raising its target from $113 to $176, reflecting a strong buy sentiment and a consensus rating of "Moderate Buy" among analysts.

Citigroup Inc. reduced its stake in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 3.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 233,210 shares of the company's stock after selling 8,889 shares during the period. Citigroup Inc. owned approximately 0.17% of Futu worth $23,869,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. China Universal Asset Management Co. Ltd. lifted its stake in shares of Futu by 1,137.6% during the first quarter. China Universal Asset Management Co. Ltd. now owns 17,500 shares of the company's stock worth $1,791,000 after buying an additional 16,086 shares during the period. Yong Rong HK Asset Management Ltd acquired a new position in Futu during the first quarter valued at $77,172,000. Trivest Advisors Ltd acquired a new position in Futu during the first quarter valued at $98,651,000. GAM Holding AG lifted its position in Futu by 41.7% during the first quarter. GAM Holding AG now owns 8,500 shares of the company's stock valued at $870,000 after purchasing an additional 2,500 shares during the period. Finally, ARK Investment Management LLC acquired a new position in Futu during the first quarter valued at $12,687,000.

Futu Stock Down 0.3%

NASDAQ:FUTU traded down $0.50 on Friday, hitting $174.25. The stock had a trading volume of 1,489,984 shares, compared to its average volume of 2,437,347. The company has a fifty day moving average price of $140.43 and a two-hundred day moving average price of $115.81. Futu Holdings Limited Sponsored ADR has a 1-year low of $56.22 and a 1-year high of $179.17. The stock has a market cap of $24.25 billion, a price-to-earnings ratio of 29.04, a PEG ratio of 1.08 and a beta of 0.49.

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

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Citigroup lifted their price objective on shares of Futu from $113.00 to $176.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Daiwa Capital Markets started coverage on shares of Futu in a research report on Monday, August 11th. They set a "buy" rating and a $190.00 price target on the stock. Bank of America boosted their price target on shares of Futu from $123.70 to $143.90 and gave the stock a "buy" rating in a research report on Wednesday, June 11th. Daiwa America upgraded shares of Futu to a "strong-buy" rating in a research report on Tuesday, August 12th. Finally, Barclays started coverage on shares of Futu in a research report on Thursday, July 17th. They set an "overweight" rating and a $176.00 price target on the stock. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Futu currently has a consensus rating of "Buy" and a consensus target price of $158.13.

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.