Orbis Allan Gray Ltd Purchases 35,858 Shares of Futu Holdings Limited Sponsored ADR $FUTU

Key Points

• Orbis Allan Gray Ltd increased its stake in Futu Holdings Limited by 15.0%, now owning approximately 0.20% of the company, valued at $28.1 million.
• Futu's stock saw a minor decline of 0.3% recently, with an opening price of $185.60 and a market capitalization of $25.82 billion.
• Analyst ratings have been favorable, with JPMorgan Chase raising its price target from $200.00 to $270.00 and a general consensus of a "Buy" rating across multiple reports.

Orbis Allan Gray Ltd raised its position in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 15.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 275,026 shares of the company's stock after acquiring an additional 35,858 shares during the quarter. Orbis Allan Gray Ltd owned approximately 0.20% of Futu worth $28,149,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Erste Asset Management GmbH purchased a new position in shares of Futu in the first quarter valued at about $1,036,000. China Universal Asset Management Co. Ltd. increased its position 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 valued at $1,791,000 after buying an additional 16,086 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Futu by 8.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 67,430 shares of the company's stock valued at $6,901,000 after buying an additional 5,056 shares during the period. Yong Rong HK Asset Management Ltd purchased a new position in shares of Futu during the first quarter valued at about $77,172,000. Finally, Hsbc Holdings PLC increased its position in shares of Futu by 5.5% during the first quarter. Hsbc Holdings PLC now owns 386,028 shares of the company's stock valued at $39,505,000 after buying an additional 20,202 shares during the period.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Barclays boosted their price target on shares of Futu from $176.00 to $232.00 and gave the company an "overweight" rating in a research report on Friday, August 22nd. Bank of America boosted their price target on shares of Futu from $172.00 to $200.00 and gave the company a "buy" rating in a research report on Thursday, August 21st. JPMorgan Chase & Co. boosted their price target on shares of Futu from $200.00 to $270.00 and gave the company an "overweight" rating in a research report on Thursday. Citigroup boosted their price target on shares of Futu from $176.00 to $190.00 and gave the company a "neutral" rating in a research report on Thursday, August 21st. Finally, Daiwa America upgraded shares of Futu to a "strong-buy" rating in a research report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $190.43.

Futu Trading Down 0.3%

FUTU traded down $0.51 during midday trading on Monday, reaching $185.60. The company's stock had a trading volume of 2,312,874 shares, compared to its average volume of 2,338,197. The firm has a market capitalization of $25.82 billion, a price-to-earnings ratio of 25.74, a PEG ratio of 0.82 and a beta of 0.57. Futu Holdings Limited Sponsored ADR has a 1 year low of $56.22 and a 1 year high of $197.35. The stock's 50-day moving average is $155.31 and its 200-day moving average is $121.96.

Futu (NASDAQ:FUTU - Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The company reported $1.96 earnings per share 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 analysts' expectations of $594.86 million. Futu had a net margin of 44.25% and a return on equity of 26.36%. 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.

Futu Company 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.