Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) Shares Acquired by Connor Clark & Lunn Investment Management Ltd.

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

Other institutional investors have also added to or reduced their stakes in the company. Allianz SE purchased a new position in Futu in the first quarter worth $30,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Futu by 77.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 452 shares of the company's stock worth $36,000 after buying an additional 197 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Futu during the 4th quarter valued at $60,000. Spire Wealth Management increased its holdings in Futu by 2,066.7% in the 1st quarter. Spire Wealth Management now owns 650 shares of the company's stock worth $67,000 after acquiring an additional 620 shares during the last quarter. Finally, Rakuten Securities Inc. raised its stake in Futu by 53.0% in the 1st quarter. Rakuten Securities Inc. now owns 1,045 shares of the company's stock valued at $107,000 after acquiring an additional 362 shares during the period.

Futu Stock Down 0.9%

FUTU stock traded down $1.60 during mid-day trading on Thursday, hitting $174.88. 1,662,646 shares of the company were exchanged, compared to its average volume of 2,684,801. Futu Holdings Limited Sponsored ADR has a 12-month low of $56.22 and a 12-month high of $179.17. The business has a fifty day simple moving average of $137.73 and a 200-day simple moving average of $114.61. The firm has a market capitalization of $24.33 billion, a P/E ratio of 29.19, a PEG ratio of 1.02 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 earnings per share (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 analysts' expectations of $594.86 million. Futu had a return on equity of 23.07% and a net margin of 41.74%. Research analysts predict that Futu Holdings Limited Sponsored ADR will post 4.94 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on FUTU. Barclays began coverage on Futu in a report on Thursday, July 17th. They issued an "overweight" rating and a $176.00 price target on the stock. Daiwa Capital Markets initiated coverage on shares of Futu in a research note on Monday. They set a "buy" rating and a $190.00 target price on the stock. Bank of America raised their price objective on Futu from $123.70 to $143.90 and gave the stock a "buy" rating in a research note on Wednesday, June 11th. Daiwa America upgraded Futu to a "strong-buy" rating in a research report on Tuesday. Finally, Citigroup raised their price objective 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 investment analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company 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.