594,502 Shares in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) Purchased by National Bank of Canada FI

Key Points

• National Bank of Canada FI invested approximately $60.85 million in Futu Holdings by purchasing 594,502 shares, amounting to 0.43% of the company.
• Futu reported earnings of $1.96 per share, exceeding analysts' estimates, with revenues of $603.43 million for the quarter.
• Several research firms have increased their target prices on Futu, with Barclays setting a target price of $176.00, reflecting a strong industry outlook.

National Bank of Canada FI acquired a new stake in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 594,502 shares of the company's stock, valued at approximately $60,847,000. National Bank of Canada FI owned 0.43% of Futu at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Trivest Advisors Ltd purchased a new stake in Futu in the 1st quarter worth $98,651,000. Yong Rong HK Asset Management Ltd purchased a new stake in Futu in the 1st quarter worth $77,172,000. Point72 Hong Kong Ltd lifted its position in shares of Futu by 170.6% in the fourth quarter. Point72 Hong Kong Ltd now owns 830,842 shares of the company's stock worth $66,459,000 after buying an additional 523,808 shares in the last quarter. Ninety One UK Ltd bought a new position in Futu during the first quarter valued at approximately $42,903,000. Finally, Jennison Associates LLC bought a new position in Futu during the first quarter valued at approximately $42,610,000.

Futu Stock Performance

FUTU stock traded down $1.42 during midday trading on Monday, reaching $159.50. 1,127,599 shares of the company traded hands, compared to its average volume of 2,474,037. Futu Holdings Limited Sponsored ADR has a 52-week low of $56.22 and a 52-week high of $174.36. The business has a 50 day moving average of $134.12 and a 200-day moving average of $113.39. The firm has a market capitalization of $22.19 billion, a price-to-earnings ratio of 26.82, a P/E/G ratio of 1.01 and a beta of 0.49.

Futu (NASDAQ:FUTU - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The company reported $1.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.95 by $0.01. Futu had a return on equity of 23.07% and a net margin of 41.74%. The business had revenue of $603.43 million for the quarter, compared to the consensus estimate of $594.86 million. Research analysts anticipate that Futu Holdings Limited Sponsored ADR will post 4.94 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FUTU. Bank of America upped their price objective on Futu from $123.70 to $143.90 and gave the stock a "buy" rating in a report on Wednesday, June 11th. Barclays initiated coverage on shares of Futu in a research report on Thursday, July 17th. They issued an "overweight" rating and a $176.00 price target on the stock. Daiwa Capital Markets assumed coverage on shares of Futu in a research report on Monday. They set a "buy" rating for the company. Finally, Citigroup lifted their price objective on shares of Futu from $113.00 to $176.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $152.82.

About Futu

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.