Perseverance Asset Management International Invests $20.51 Million in Futu Holdings Limited Sponsored ADR $FUTU

Key Points

• Perseverance Asset Management International disclosed a new first-quarter stake in Futu Holdings, buying 150,000 shares worth about $20.51 million. The position represents roughly 2.3% of the fund’s portfolio and makes Futu its 10th-largest holding.
• Futu’s recent quarterly results were weaker than expected, with EPS of $0.77 versus the $2.89 consensus and revenue of $694.17 million versus estimates of $761.35 million. Despite the miss, analysts still expect the company to earn $8.95 per share for the current fiscal year.
• Analyst sentiment is mixed to cautious: recent downgrades from Wall Street Zen, Zacks, Goldman Sachs, and JPMorgan offset a reaffirmed buy from Jefferies. The stock currently carries a Moderate Buy consensus with an average price target of $162.80.

Perseverance Asset Management International bought a new stake in 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 bought 150,000 shares of the company's stock, valued at approximately $20,514,000. Futu comprises approximately 2.3% of Perseverance Asset Management International's portfolio, making the stock its 10th largest position. Perseverance Asset Management International owned about 0.11% of Futu as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. V Square Quantitative Management LLC purchased a new stake in Futu during the 1st quarter valued at $25,000. Geneos Wealth Management Inc. purchased a new position in shares of Futu in the first quarter valued at about $27,000. Rockefeller Capital Management L.P. increased its position in shares of Futu by 59.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 226 shares of the company's stock valued at $37,000 after acquiring an additional 84 shares during the period. Hilton Head Capital Partners LLC bought a new position in shares of Futu during the fourth quarter valued at about $49,000. Finally, Parkside Financial Bank & Trust raised its stake in shares of Futu by 30,000.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 301 shares of the company's stock valued at $49,000 after acquiring an additional 300 shares during the last quarter.

Futu Price Performance

Shares of NASDAQ:FUTU opened at $98.96 on Friday. The business has a fifty day moving average price of $100.71 and a 200-day moving average price of $135.53. The company has a market capitalization of $13.87 billion, a PE ratio of 10.89, a PEG ratio of 1.24 and a beta of 0.39. Futu Holdings Limited Sponsored ADR has a 1-year low of $80.50 and a 1-year high of $202.53.

• Futu Holdings NASDAQ: FUTU Stock: Is the Chinese Fintech Company a Buy?

Futu (NASDAQ:FUTU - Get Free Report) last announced its quarterly earnings data on Thursday, May 28th. The company reported $0.77 EPS for the quarter, missing the consensus estimate of $2.89 by ($2.12). The firm had revenue of $694.17 million for the quarter, compared to analysts' expectations of $761.35 million. Futu had a net margin of 41.87% and a return on equity of 26.48%. On average, sell-side analysts anticipate that Futu Holdings Limited Sponsored ADR will post 8.95 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Wall Street Zen cut Futu from a "hold" rating to a "sell" rating in a research note on Saturday, May 30th. Zacks Research lowered Futu from a "hold" rating to a "strong sell" rating in a research note on Monday, June 8th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $170.50 price target on shares of Futu in a research note on Thursday, May 28th. The Goldman Sachs Group cut shares of Futu from a "buy" rating to a "neutral" rating and set a $102.13 price target on the stock. in a report on Monday, May 25th. Finally, JPMorgan Chase & Co. restated a "neutral" rating and issued a $87.00 price objective (down from $300.00) on shares of Futu in a report on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $162.80.

Futu Company Profile

Futu Holdings Ltd. is a technology-driven brokerage and wealth management company that provides online brokerage services, market data, and investment tools to retail and institutional clients. Headquartered in Hong Kong and listed on the NASDAQ under the ticker FUTU, the company operates digital trading platforms that combine order execution, real-time quotes, news, and research tools to serve active investors and wealth management customers.

The firm's product suite includes brokerage access to equities, exchange-traded funds and derivatives across major markets, margin financing, initial public offering (IPO) subscription services, wealth management products and discretionary investment solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.