MY.Alpha Management HK Advisors Ltd Lowers Stock Holdings in Futu Holdings Limited Sponsored ADR $FUTU

Key Points

• MY.Alpha Management HK Advisors Ltd has reduced its stake in Futu Holdings Limited by 12.3%, now holding 215,354 shares valued at approximately $22.04 million.
• Futu reported a net margin of 41.74% and a return on equity of 23.07%, with revenue surpassing consensus estimates at $603.43 million for the quarter.
• Analysts have generally rated Futu positively, with price targets ranging from $143.90 to $190.00, reflecting strong market interest in the company's growth prospects.

MY.Alpha Management HK Advisors Ltd reduced its holdings in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 12.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 215,354 shares of the company's stock after selling 30,300 shares during the quarter. Futu accounts for about 11.0% of MY.Alpha Management HK Advisors Ltd's investment portfolio, making the stock its 3rd largest holding. MY.Alpha Management HK Advisors Ltd owned about 0.15% of Futu worth $22,041,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Korea Investment CORP increased its holdings in shares of Futu by 3.1% in the first quarter. Korea Investment CORP now owns 37,352 shares of the company's stock worth $3,823,000 after acquiring an additional 1,138 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its position in shares of Futu by 4.8% during the first quarter. State of New Jersey Common Pension Fund D now owns 28,560 shares of the company's stock worth $2,923,000 after buying an additional 1,300 shares during the period. Ethic Inc. boosted its position in shares of Futu by 48.4% during the first quarter. Ethic Inc. now owns 7,998 shares of the company's stock worth $827,000 after buying an additional 2,607 shares during the period. Aberdeen Group plc boosted its position in shares of Futu by 9.7% during the first quarter. Aberdeen Group plc now owns 71,497 shares of the company's stock worth $7,215,000 after buying an additional 6,327 shares during the period. Finally, E Fund Management Co. Ltd. boosted its position in shares of Futu by 12.5% during the first quarter. E Fund Management Co. Ltd. now owns 373,173 shares of the company's stock worth $38,194,000 after buying an additional 41,424 shares during the period.

Futu Stock Performance

NASDAQ FUTU traded up $10.19 during trading hours on Friday, hitting $190.64. 3,101,088 shares of the company traded hands, compared to its average volume of 2,333,797. The business's 50-day moving average is $147.12 and its 200-day moving average is $118.48. Futu Holdings Limited Sponsored ADR has a twelve month low of $56.22 and a twelve month high of $194.32. The stock has a market capitalization of $26.53 billion, a price-to-earnings ratio of 26.44, a P/E/G ratio of 1.12 and a beta of 0.49.

Futu (NASDAQ:FUTU - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The company reported $1.96 EPS for the quarter, beating the consensus estimate of $1.95 by $0.01. The firm had revenue of $603.43 million during the quarter, compared to analysts' expectations of $594.86 million. Futu had a return on equity of 26.36% and a net margin of 44.25%. Analysts predict that Futu Holdings Limited Sponsored ADR will post 4.94 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on FUTU. Barclays upped their price objective on Futu from $176.00 to $232.00 and gave the stock an "overweight" rating in a research report on Friday. Citigroup upped their price objective on Futu from $176.00 to $190.00 and gave the stock a "neutral" rating in a research report on Thursday. Bank of America upped their price objective on Futu from $172.00 to $200.00 and gave the stock a "buy" rating in a research report on Thursday. Daiwa Capital Markets began coverage on Futu in a research report on Monday, August 11th. They set a "buy" rating and a $190.00 price objective for the company. Finally, Daiwa America raised Futu to a "strong-buy" rating in a research report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, Futu currently has an average rating of "Buy" and a consensus target price of $176.14.

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.