Inspire Investing LLC Purchases New Stake in Futu Holdings Limited Sponsored ADR $FUTU

Key Points

• Inspire Investing LLC acquired a new stake in Futu Holdings Limited during Q1, purchasing 7,128 shares valued at approximately $730,000.
• Several analysts expressed confidence in Futu, with multiple upgrades to price targets, the highest being $270.00 from JPMorgan, with an overall average rating of "Buy."
• Futu's current market cap stands at $25.86 billion and it has shown significant stock performance improvements, with a 52-week range of $56.36 to $199.86.

Inspire Investing LLC purchased a new stake in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 7,128 shares of the company's stock, valued at approximately $730,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FUTU. Atlas Capital Advisors Inc. bought a new stake in Futu during the 1st quarter valued at $26,000. Geneos Wealth Management Inc. bought a new position in Futu in the 1st quarter worth $27,000. Allianz SE bought a new position in Futu in the 1st quarter worth $30,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Futu by 77.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 452 shares of the company's stock worth $36,000 after purchasing an additional 197 shares in the last quarter. Finally, SVB Wealth LLC bought a new position in Futu in the 1st quarter worth $40,000.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Daiwa Capital Markets assumed coverage on shares of Futu in a report on Monday, August 11th. They issued a "buy" rating and a $190.00 price objective for the company. Barclays upped their price objective on shares of Futu from $176.00 to $232.00 and gave the stock an "overweight" rating in a report on Friday, August 22nd. Dbs Bank raised shares of Futu to a "moderate buy" rating in a research report on Thursday, September 4th. JPMorgan Chase & Co. increased their price target on shares of Futu from $200.00 to $270.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Finally, Citigroup increased their price target on shares of Futu from $176.00 to $190.00 and gave the stock a "neutral" rating in a research note on Thursday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, Futu presently has an average rating of "Buy" and a consensus price target of $190.43.

Futu Stock Performance

NASDAQ:FUTU opened at $185.89 on Friday. The firm has a market cap of $25.86 billion, a P/E ratio of 25.78, a P/E/G ratio of 0.83 and a beta of 0.57. Futu Holdings Limited Sponsored ADR has a fifty-two week low of $56.36 and a fifty-two week high of $199.86. The firm has a 50-day simple moving average of $167.14 and a two-hundred day simple moving average of $126.31.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.