Nikko Asset Management Americas Inc. Sells 9,826 Shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU)

Key Points

• Nikko Asset Management Americas Inc. has reduced its stake in Futu Holdings Limited by 4.5%, selling 9,826 shares and now holds approximately 0.15% of the company valued at $21.08 million.
• Analysts have issued positive ratings for Futu, with Citigroup and Bank of America raising their price targets to $176.00 and $143.90 respectively, maintaining a consensus rating of "Moderate Buy".
• Futu's stock has experienced significant price movements, reflecting a one-year range of $51.80 to $174.36, and it opened at $163.61 recently, with a market capitalization of $22.76 billion.

Nikko Asset Management Americas Inc. decreased its holdings in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 4.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 206,132 shares of the company's stock after selling 9,826 shares during the period. Nikko Asset Management Americas Inc. owned 0.15% of Futu worth $21,077,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Futu by 77.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 452 shares of the company's stock valued at $36,000 after buying an additional 197 shares in the last quarter. Spire Wealth Management boosted its position in shares of Futu by 2,066.7% during the first quarter. Spire Wealth Management now owns 650 shares of the company's stock worth $67,000 after acquiring an additional 620 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Futu during the fourth quarter valued at $60,000. Rakuten Securities Inc. lifted its stake in Futu by 53.0% in the 1st quarter. Rakuten Securities Inc. now owns 1,045 shares of the company's stock worth $107,000 after purchasing an additional 362 shares in the last quarter. Finally, Versant Capital Management Inc lifted its stake in Futu by 2,723.1% in the 1st quarter. Versant Capital Management Inc now owns 1,101 shares of the company's stock worth $113,000 after purchasing an additional 1,062 shares in the last quarter.

Futu Trading Down 1.8%

Shares of NASDAQ:FUTU traded down $2.77 during trading on Wednesday, reaching $152.46. The company's stock had a trading volume of 1,244,758 shares, compared to its average volume of 2,712,991. Futu Holdings Limited Sponsored ADR has a 12 month low of $51.80 and a 12 month high of $174.36. The firm's 50 day simple moving average is $126.98 and its two-hundred day simple moving average is $109.38. The stock has a market capitalization of $21.21 billion, a PE ratio of 25.39, a price-to-earnings-growth ratio of 1.28 and a beta of 0.60.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FUTU. Bank of America raised their price objective on Futu from $123.70 to $143.90 and gave the company a "buy" rating in a research report on Wednesday, June 11th. Barclays began coverage on Futu in a research report on Thursday, July 17th. They set an "overweight" rating and a $176.00 price objective for the company. Finally, Citigroup raised their price objective on Futu from $113.00 to $176.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Futu has an average rating of "Moderate Buy" and a consensus price target of $152.82.

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.