Harvest Fund Management Co. Ltd Has $5.67 Million Holdings in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU)

Key Points

• Harvest Fund Management Co. Ltd reduced its holdings in Futu Holdings Limited by 17.7% during the first quarter, now owning 55,474 shares valued at $5,672,000.
• Analysts have raised the price target for Futu, with Bank of America increasing it from $123.70 to $143.90 and Citigroup from $113.00 to $176.00.
• Futu reported a quarterly earnings of $1.96 per share, surpassing expectations, with a revenue of $603.43 million for the quarter.

Harvest Fund Management Co. Ltd cut its stake in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 17.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 55,474 shares of the company's stock after selling 11,896 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Futu were worth $5,672,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Futu in the 4th quarter valued at about $39,163,000. China Universal Asset Management Co. Ltd. increased its stake in shares of Futu by 1,137.6% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 17,500 shares of the company's stock valued at $1,791,000 after acquiring an additional 16,086 shares during the last quarter. Yong Rong HK Asset Management Ltd bought a new stake in Futu during the 1st quarter worth approximately $77,172,000. GAM Holding AG increased its stake in Futu by 41.7% during the 1st quarter. GAM Holding AG now owns 8,500 shares of the company's stock worth $870,000 after purchasing an additional 2,500 shares in the last quarter. Finally, GF Fund Management CO. LTD. bought a new stake in Futu during the 4th quarter worth approximately $11,482,000.

Analysts Set New Price Targets

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

Futu Price Performance

Shares of FUTU traded down $4.29 during mid-day trading on Wednesday, hitting $150.94. 2,076,240 shares of the company's stock were exchanged, compared to its average volume of 2,652,941. The company has a market cap of $21.00 billion, a PE ratio of 25.16, a P/E/G ratio of 1.22 and a beta of 0.60. Futu Holdings Limited Sponsored ADR has a 52 week low of $51.80 and a 52 week high of $174.36. The company has a 50-day simple moving average of $127.81 and a 200 day simple moving average of $109.67.

Futu (NASDAQ:FUTU - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The company reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.01. The company had revenue of $603.43 million during 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, analysts anticipate that Futu Holdings Limited Sponsored ADR will post 4.94 earnings per share for the current 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.