Pinpoint Asset Management Ltd Lowers Stock Position in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU)

Key Points

• Pinpoint Asset Management Ltd significantly reduced its stake in Futu Holdings by 92.7%, selling 142,174 shares and retaining only 11,133 shares, valued at approximately $1.14 million.
• Futu Holdings reported a quarterly EPS of $1.96, marginally exceeding analysts' estimates of $1.95, with revenues reaching $603.43 million, above the forecasted $594.86 million.
• Several hedge funds, including Mitsubishi UFJ Asset Management and Deutsche Bank AG, increased their holdings in Futu, reflecting a positive outlook as analysts maintain a consensus rating of "Moderate Buy" for the stock.

Pinpoint Asset Management Ltd decreased its holdings in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 92.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,133 shares of the company's stock after selling 142,174 shares during the period. Pinpoint Asset Management Ltd's holdings in Futu were worth $1,139,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Allianz SE acquired a new position in Futu during the 1st quarter worth $30,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Futu by 77.3% in the 4th 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 in the last quarter. Spire Wealth Management boosted its stake in shares of Futu by 2,066.7% in the 1st quarter. Spire Wealth Management now owns 650 shares of the company's stock valued at $67,000 after buying an additional 620 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Futu during the fourth quarter worth about $60,000. Finally, Rakuten Securities Inc. grew its position in shares of Futu by 53.0% during the first quarter. Rakuten Securities Inc. now owns 1,045 shares of the company's stock worth $107,000 after buying an additional 362 shares in the last quarter.

Analyst Ratings Changes

Several research analysts have commented on the stock. Citigroup boosted their price target on shares of Futu from $113.00 to $176.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Barclays began coverage on shares of Futu in a research note on Thursday, July 17th. They set an "overweight" rating and a $176.00 target price for the company. Finally, Bank of America raised their price target on Futu from $123.70 to $143.90 and gave the company a "buy" rating in a research note on Wednesday, June 11th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $152.82.

Futu Price Performance

Shares of NASDAQ:FUTU traded up $4.33 during trading on Friday, hitting $160.92. 1,730,453 shares of the company were exchanged, compared to its average volume of 2,607,360. The firm's 50 day moving average price is $134.12 and its 200-day moving average price is $113.08. The stock has a market capitalization of $22.39 billion, a P/E ratio of 26.82, a PEG ratio of 0.98 and a beta of 0.49. Futu Holdings Limited Sponsored ADR has a 12-month low of $56.22 and a 12-month high of $174.36.

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

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.