Prudential PLC Purchases 117,306 Shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU)

Key Points

• Prudential PLC increased its holdings in Futu Holdings Limited by 444.2% during Q1, owning approximately 143,715 shares valued at $14.71 million.
• Wall Street analysts have a positive outlook on Futu, with an average rating of "Moderate Buy" and a target price of $152.82, with some analysts setting targets as high as $176.00.
• As of the latest quarterly report, Futu posted an EPS of $1.96, beating estimates, and had a revenue of $603.43 million, exceeding projections as well.

Prudential PLC lifted its holdings in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 444.2% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 143,715 shares of the company's stock after buying an additional 117,306 shares during the period. Prudential PLC owned approximately 0.10% of Futu worth $14,709,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Trivest Advisors Ltd purchased a new position in Futu in the first quarter valued at approximately $98,651,000. Yong Rong HK Asset Management Ltd purchased a new position in Futu in the first quarter valued at approximately $77,172,000. National Bank of Canada FI purchased a new position in Futu in the first quarter valued at approximately $60,847,000. Point72 Hong Kong Ltd lifted its stake in Futu by 170.6% in the fourth quarter. Point72 Hong Kong Ltd now owns 830,842 shares of the company's stock valued at $66,459,000 after purchasing an additional 523,808 shares during the last quarter. Finally, Ninety One UK Ltd purchased a new position in Futu in the first quarter valued at approximately $42,903,000.

Analysts Set New Price Targets

Several research firms recently commented on FUTU. Daiwa Capital Markets began coverage on Futu in a research note on Monday. They issued a "buy" rating and a $190.00 price objective on the stock. Barclays started coverage on shares of Futu in a report on Thursday, July 17th. They set an "overweight" rating and a $176.00 target price on the stock. Bank of America boosted their target price on shares of Futu from $123.70 to $143.90 and gave the company a "buy" rating in a report on Wednesday, June 11th. Daiwa America raised shares of Futu to a "strong-buy" rating in a report on Tuesday. Finally, Citigroup boosted their target price on shares of Futu from $113.00 to $176.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $158.13.

Futu Stock Performance

FUTU stock traded down $1.73 during midday trading on Thursday, reaching $174.75. 2,039,610 shares of the company's stock traded hands, compared to its average volume of 2,687,423. The firm has a market capitalization of $24.31 billion, a PE ratio of 29.13, a price-to-earnings-growth ratio of 1.02 and a beta of 0.49. Futu Holdings Limited Sponsored ADR has a 52 week low of $56.22 and a 52 week high of $179.17. The company has a 50-day moving average price of $137.73 and a two-hundred day moving average price of $114.61.

Futu (NASDAQ:FUTU - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The company reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.01. The firm had revenue of $603.43 million for 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, analysts predict that Futu Holdings Limited Sponsored ADR will post 4.94 EPS for the current fiscal 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.