Futu Holdings Limited Sponsored ADR $FUTU Stock Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Futu stake by 41.2% in the third quarter, purchasing 270,689 additional shares. It now owns 927,552 shares, worth approximately $102.5 million and representing 0.66% of the company.
• Analyst sentiment remains cautious, with two Buy ratings and four Hold ratings producing a consensus Hold rating and a target price of $139.91.
• Futu recently beat quarterly expectations, reporting $3.33 in earnings per share versus the $2.98 consensus and revenue of $852.66 million versus $786.07 million expected. The stock opened at $105.48, well below its 52-week high of $202.53.

Assenagon Asset Management S.A. raised its stake in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 41.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 927,552 shares of the company's stock after purchasing an additional 270,689 shares during the period. Assenagon Asset Management S.A. owned 0.66% of Futu worth $102,541,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Sequoia Financial Advisors LLC boosted its holdings in shares of Futu by 7.0% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 4,797 shares of the company's stock worth $450,000 after purchasing an additional 315 shares during the period. Nykredit A S purchased a new stake in Futu during the 2nd quarter valued at $1,607,000. Corient Private Wealth LP lifted its position in Futu by 39.9% in the second quarter. Corient Private Wealth LP now owns 2,428 shares of the company's stock worth $228,000 after buying an additional 693 shares during the last quarter. Greenwoods Asset Management Hong Kong Ltd. lifted its position in Futu by 9.8% in the second quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 1,093,634 shares of the company's stock worth $102,517,000 after buying an additional 97,286 shares during the last quarter. Finally, SkyOak Wealth LLC bought a new stake in Futu in the second quarter worth $207,000.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on FUTU shares. Wall Street Zen upgraded shares of Futu from a "sell" rating to a "hold" rating in a research report on Saturday, August 22nd. Zacks Research upgraded Futu from a "strong sell" rating to a "hold" rating in a research report on Monday, July 27th. Finally, Weiss Ratings lowered shares of Futu from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, October 9th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $139.91.

• Futu Holdings NASDAQ: FUTU Stock: Is the Chinese Fintech Company a Buy?

Futu Stock Performance

NASDAQ:FUTU opened at $105.48 on Friday. Futu Holdings Limited Sponsored ADR has a fifty-two week low of $80.50 and a fifty-two week high of $202.53. The stock has a market capitalization of $14.79 billion, a P/E ratio of 10.44, a P/E/G ratio of 1.09 and a beta of 0.45. The company's 50-day simple moving average is $113.18 and its 200-day simple moving average is $116.81.

Futu (NASDAQ:FUTU - Get Free Report) last released its earnings results on Thursday, August 20th. The company reported $3.33 EPS for the quarter, topping analysts' consensus estimates of $2.98 by $0.35. Futu had a net margin of 42.95% and a return on equity of 28.20%. The company had revenue of $852.66 million during the quarter, compared to analysts' expectations of $786.07 million. On average, research analysts forecast that Futu Holdings Limited Sponsored ADR will post 9.42 EPS for the current year.

Futu Company Profile

Futu Holdings Limited is a technology-driven financial services company that operates online brokerage and wealth-management platforms. Founded in 2012 and headquartered in Hong Kong, the company provides digital tools designed to help individual investors access securities markets, manage portfolios and obtain investment information.

Its principal platforms include Futubull and Moomoo, which offer services such as stock and exchange-traded fund trading, margin financing, market data, research, news, portfolio management and investor education.

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