Mirae Asset Global Investments Co. Ltd. Acquires New Holdings in Futu Holdings Limited Sponsored ADR $FUTU

Key Points

• Mirae Asset Global Investments opened a position in Futu during the third quarter, buying 23,311 shares valued at approximately $2.58 million.
• Analysts’ consensus rating is Hold, with an average price target of $139.91; six analysts rate the stock Hold and two rate it Buy.
• Futu beat quarterly earnings and revenue estimates, reporting EPS of $3.33 versus $2.98 expected and revenue of $852.66 million versus $786.07 million expected.

Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 23,311 shares of the company's stock, valued at approximately $2,577,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. purchased a new stake in Futu in the second quarter valued at approximately $61,574,000. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Futu by 576.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 287,000 shares of the company's stock worth $39,250,000 after buying an additional 244,600 shares during the period. Brooklands Fund Management Ltd acquired a new stake in shares of Futu in the third quarter valued at $25,283,000. Perseverance Asset Management International acquired a new stake in shares of Futu in the first quarter valued at $20,514,000. Finally, Greenwoods Asset Management Hong Kong Ltd. grew its stake in shares of 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 valued at $102,517,000 after buying an additional 97,286 shares in the last quarter.

Wall Street Analyst Weigh In

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

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

Futu Stock Performance

Shares of FUTU opened at $98.06 on Friday. Futu Holdings Limited Sponsored ADR has a 1 year low of $80.50 and a 1 year high of $190.51. The stock has a market capitalization of $13.75 billion, a PE ratio of 9.71, a PEG ratio of 0.97 and a beta of 0.71. The stock has a 50-day simple moving average of $109.33 and a 200-day simple moving average of $123.75.

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

Futu Profile

Futu Holdings Ltd. is a financial technology company that provides digital brokerage and wealth management services. Its platforms include Futu NiuNiu and moomoo, which offer tools for investors to trade and manage investments.

The company's services include securities trading, market data and research, investment education, and online investor communities. Its brokerage platforms provide access to products such as stocks, exchange-traded funds, options, and other investment products, with availability varying by market.

Founded in 2012 by Leaf Hua Li, Futu is headquartered in Hong Kong and serves customers in markets including Hong Kong, Singapore, the United States, Australia, and Japan.

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