Retirement Systems of Alabama Purchases New Stake in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU)

Retirement Systems of Alabama purchased a new position in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 19,901 shares of the company's stock, valued at approximately $2,037,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Smartleaf Asset Management LLC grew its stake in Futu by 1,245.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 444 shares of the company's stock worth $36,000 after buying an additional 411 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Futu by 77.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 452 shares of the company's stock worth $36,000 after buying an additional 197 shares during the period. Rakuten Securities Inc. grew its stake in Futu by 239.8% during the fourth quarter. Rakuten Securities Inc. now owns 683 shares of the company's stock worth $55,000 after buying an additional 482 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Futu during the fourth quarter worth approximately $60,000. Finally, Assetmark Inc. grew its stake in Futu by 15,200.0% during the fourth quarter. Assetmark Inc. now owns 765 shares of the company's stock worth $61,000 after buying an additional 760 shares during the period.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on FUTU shares. UBS Group boosted their price objective on shares of Futu from $130.00 to $136.00 and gave the stock a "buy" rating in a research note on Monday, March 17th. JPMorgan Chase & Co. boosted their price objective on shares of Futu from $160.00 to $170.00 and gave the stock an "overweight" rating in a research note on Friday, March 14th. Finally, Bank of America boosted their price objective on shares of Futu from $123.70 to $143.90 and gave the stock a "buy" rating in a research note on Wednesday, June 11th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $131.98.

Futu Stock Performance

Shares of FUTU stock traded down $1.98 on Friday, hitting $121.23. The stock had a trading volume of 841,936 shares, compared to its average volume of 2,912,467. The firm has a market capitalization of $16.87 billion, a price-to-earnings ratio of 20.21, a P/E/G ratio of 0.96 and a beta of 0.58. The stock's 50 day moving average is $106.86 and its 200-day moving average is $99.93. Futu Holdings Limited Sponsored ADR has a 52-week low of $51.80 and a 52-week high of $130.88.

Futu (NASDAQ:FUTU - Get Free Report) last announced its 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 the consensus estimate of $594.86 million. Futu had a net margin of 41.74% and a return on equity of 23.07%. Equities analysts expect that Futu Holdings Limited Sponsored ADR will post 4.94 earnings per share for the current year.

Futu Company 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.