Envestnet Asset Management Inc. Sells 4,492 Shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU)

Key Points

• Envestnet Asset Management Inc. reduced its holdings in Futu Holdings by 31.0%, selling 4,492 shares, and now owns 9,980 shares valued at $1,021,000.
• Futu Holdings reported earnings of $1.96 per share, exceeding expectations, with a revenue of $603.43 million for the recent quarter.
• Analysts have a consensus rating of "Moderate Buy" for Futu, with a target price of $152.82, reflecting positive sentiment towards the stock.

Envestnet Asset Management Inc. cut its stake in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 31.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,980 shares of the company's stock after selling 4,492 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Futu were worth $1,021,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Raymond James Financial Inc. purchased a new stake in Futu in the fourth quarter worth $786,000. American Century Companies Inc. grew its stake in shares of Futu by 5.7% during the fourth quarter. American Century Companies Inc. now owns 8,994 shares of the company's stock worth $719,000 after acquiring an additional 488 shares during the last quarter. LPL Financial LLC purchased a new stake in shares of Futu during the fourth quarter worth about $381,000. Norges Bank acquired a new stake in shares of Futu during the fourth quarter worth about $39,163,000. Finally, Schroder Investment Management Group lifted its holdings in Futu by 2.7% in the fourth quarter. Schroder Investment Management Group now owns 131,156 shares of the company's stock valued at $10,491,000 after acquiring an additional 3,491 shares during the period.

Futu Stock Up 6.5%

FUTU traded up $9.26 during trading on Monday, reaching $150.93. The stock had a trading volume of 2,210,411 shares, compared to its average volume of 2,725,043. The firm has a market capitalization of $21.00 billion, a price-to-earnings ratio of 25.16, a price-to-earnings-growth ratio of 1.12 and a beta of 0.49. Futu Holdings Limited Sponsored ADR has a 1-year low of $51.80 and a 1-year high of $174.36. The stock has a 50 day moving average of $129.25 and a two-hundred day moving average of $111.08.

Futu (NASDAQ:FUTU - Get Free Report) last posted its quarterly earnings results 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 analysts' expectations of $594.86 million. Futu had a net margin of 41.74% and a return on equity of 23.07%. On average, research analysts forecast that Futu Holdings Limited Sponsored ADR will post 4.94 EPS for the current fiscal year.

Analysts Set New Price Targets

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

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.