Northern Trust Corp Lowers Stake in Futu Holdings Limited Sponsored ADR $FUTU

Key Points

• Northern Trust Corp decreased its stake in Futu Holdings by 7.1%, selling 24,569 shares and owning 323,844 shares valued at approximately $33.1 million as of the latest SEC filing.
• Futu's stock recently opened at $185.60 and has a 52-week range between $56.22 and $197.35, with a current market capitalization of $25.82 billion.
• Analysts have set new price targets for Futu, with notable increases including Bank of America raising their target to $200 and JPMorgan Chase raising theirs to $270, reflecting a generally positive outlook on the stock.

Northern Trust Corp reduced its position in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 7.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 323,844 shares of the company's stock after selling 24,569 shares during the quarter. Northern Trust Corp owned 0.23% of Futu worth $33,145,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of FUTU. Trivest Advisors Ltd purchased a new stake in shares of Futu during the 1st quarter worth about $98,651,000. Yong Rong HK Asset Management Ltd acquired a new position in shares of Futu during the 1st quarter worth about $77,172,000. National Bank of Canada FI acquired a new position in shares of Futu during the 1st quarter worth about $60,847,000. Point72 Hong Kong Ltd raised its position in shares of Futu by 170.6% during the 4th quarter. Point72 Hong Kong Ltd now owns 830,842 shares of the company's stock worth $66,459,000 after purchasing an additional 523,808 shares during the last quarter. Finally, Ninety One UK Ltd acquired a new position in shares of Futu during the 1st quarter worth about $42,903,000.

Futu Stock Down 0.3%

Shares of Futu stock traded down $0.51 during mid-day trading on Monday, hitting $185.60. The stock had a trading volume of 2,312,874 shares, compared to its average volume of 2,338,197. The firm has a 50-day moving average of $155.31 and a two-hundred day moving average of $121.96. Futu Holdings Limited Sponsored ADR has a 12-month low of $56.22 and a 12-month high of $197.35. The firm has a market cap of $25.82 billion, a P/E ratio of 25.74, a price-to-earnings-growth ratio of 0.82 and a beta of 0.57.

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

Analysts Set New Price Targets

Several research firms recently weighed in on FUTU. Citigroup upped their price target on shares of Futu from $176.00 to $190.00 and gave the stock a "neutral" rating in a research report on Thursday, August 21st. Bank of America increased their price objective on shares of Futu from $172.00 to $200.00 and gave the company a "buy" rating in a report on Thursday, August 21st. Daiwa Capital Markets initiated coverage on shares of Futu in a report on Monday, August 11th. They issued a "buy" rating and a $190.00 price objective for the company. Barclays increased their price objective on shares of Futu from $176.00 to $232.00 and gave the company an "overweight" rating in a report on Friday, August 22nd. Finally, Daiwa America upgraded shares of Futu to a "strong-buy" rating in a report on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $190.43.

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.