Myriad Asset Management US LP Acquires Shares of 17,738 Futu Holdings Limited Sponsored ADR $FUTU

Key Points

• Myriad Asset Management US LP has made a new investment of approximately $2.19 million in Futu Holdings Limited, acquiring 17,738 shares, which constitutes about 1.5% of its portfolio.
• Multiple institutional investors have recently increased their stakes in Futu, with notable increases including China Universal Asset Management's 1,137.6% increase and Yong Rong HK Asset Management's new stake valued at $77.17 million.
• Analysts are bullish on Futu, with one strong buy and several other buy ratings, along with target price estimates ranging as high as $270 per share.

Myriad Asset Management US LP purchased a new position in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 17,738 shares of the company's stock, valued at approximately $2,192,000. Futu makes up 1.5% of Myriad Asset Management US LP's investment portfolio, making the stock its 15th biggest holding.

Other institutional investors and hedge funds also recently modified their holdings of the company. Lifestyle Asset Management Inc. lifted its holdings in shares of Futu by 2.1% in the second quarter. Lifestyle Asset Management Inc. now owns 3,971 shares of the company's stock valued at $491,000 after buying an additional 83 shares during the period. Mackenzie Financial Corp lifted its holdings in shares of Futu by 2.0% during the fourth quarter. Mackenzie Financial Corp now owns 4,475 shares of the company's stock valued at $358,000 after purchasing an additional 87 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of Futu by 38.7% during the first quarter. Smartleaf Asset Management LLC now owns 616 shares of the company's stock valued at $64,000 after purchasing an additional 172 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Futu by 77.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 452 shares of the company's stock valued at $36,000 after purchasing an additional 197 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Futu by 1.1% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,000 shares of the company's stock valued at $2,047,000 after purchasing an additional 220 shares during the last quarter.

Futu Stock Performance

Shares of NASDAQ:FUTU traded down $11.88 during trading on Monday, hitting $166.11. 2,879,430 shares of the stock were exchanged, compared to its average volume of 2,632,667. Futu Holdings Limited Sponsored ADR has a 1-year low of $66.22 and a 1-year high of $199.86. The company has a market capitalization of $23.11 billion, a price-to-earnings ratio of 23.05, a price-to-earnings-growth ratio of 0.79 and a beta of 0.57. The company's fifty day simple moving average is $171.02 and its 200-day simple moving average is $128.68.

Analyst Upgrades and Downgrades

FUTU has been the subject of several research analyst reports. Dbs Bank raised Futu to a "moderate buy" rating in a research note on Thursday, September 4th. Daiwa Capital Markets initiated coverage on Futu in a research note on Monday, August 11th. They issued a "buy" rating and a $190.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on Futu from $200.00 to $270.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Citigroup increased their price objective on Futu from $176.00 to $190.00 and gave the stock a "neutral" rating in a research note on Thursday, August 21st. Finally, Daiwa America raised Futu to a "strong-buy" rating in a research note on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $190.43.

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.