Connor Clark & Lunn Investment Management Ltd. Buys 166,467 Shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its ownership in Futu Holdings by 224.1%, acquiring an additional 166,467 shares in the first quarter, raising its total to 240,743 shares valued at approximately $24.64 million.
• Several institutional investors, including National Bank of Canada FI and Mitsubishi UFJ Asset Management Co., have also increased their stakes in Futu, indicating robust institutional confidence in the stock.
• Analysts have upgraded their target prices for Futu, with Citigroup raising it from $113 to $176 and maintaining a "neutral" rating, while Bank of America set a new target of $143.90 with a "buy" rating.

Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 224.1% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 240,743 shares of the company's stock after purchasing an additional 166,467 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.17% of Futu worth $24,640,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Townsquare Capital LLC grew its holdings in shares of Futu by 28.6% in the first quarter. Townsquare Capital LLC now owns 7,061 shares of the company's stock valued at $723,000 after acquiring an additional 1,571 shares in the last quarter. National Bank of Canada FI bought a new position in shares of Futu in the first quarter valued at approximately $60,847,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Futu by 39.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 53,170 shares of the company's stock valued at $5,442,000 after acquiring an additional 15,060 shares in the last quarter. CenterBook Partners LP bought a new position in shares of Futu in the first quarter valued at approximately $1,102,000. Finally, Deutsche Bank AG grew its holdings in shares of Futu by 33.0% in the first quarter. Deutsche Bank AG now owns 124,090 shares of the company's stock valued at $12,701,000 after acquiring an additional 30,791 shares in the last quarter.

Analyst Ratings Changes

Several research firms have recently issued reports on FUTU. Citigroup upped their target price on Futu from $113.00 to $176.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Barclays began coverage on Futu in a report on Thursday, July 17th. They issued an "overweight" rating and a $176.00 target price for the company. Finally, Bank of America upped their price objective on Futu from $123.70 to $143.90 and gave the company a "buy" rating in a research note on Wednesday, June 11th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Futu currently has a consensus rating of "Moderate Buy" and an average target price of $152.82.

Futu Trading Up 2.8%

Futu stock opened at $160.92 on Friday. Futu Holdings Limited Sponsored ADR has a 12 month low of $56.22 and a 12 month high of $174.36. The business's 50 day simple moving average is $134.12 and its 200 day simple moving average is $113.24. The company has a market cap of $22.39 billion, a price-to-earnings ratio of 26.82, a PEG ratio of 1.01 and a beta of 0.49.

Futu (NASDAQ:FUTU - Get Free Report) last posted its quarterly earnings data on Thursday, May 29th. The company reported $1.96 EPS for the quarter, beating the consensus estimate of $1.95 by $0.01. The business had revenue of $603.43 million for the quarter, compared to the consensus estimate of $594.86 million. Futu had a return on equity of 23.07% and a net margin of 41.74%. As a group, equities research analysts forecast 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.

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