Taikang Asset Management Hong Kong Co Ltd Purchases 61,479 Shares of Futu Holdings Limited Sponsored ADR $FUTU

Key Points

• Taikang Asset Management Hong Kong Co Ltd significantly increased its stake in Futu Holdings by 6,970.4% in Q1, now owning 62,361 shares valued at $6.38 million.
• Futu's stock recently rose 5.6%, with a current market price of $190.64 and analysts projecting a consensus rating of "Buy" with an average target price of $176.14.
• In its latest earnings report, Futu exceeded expectations with $1.96 EPS and $603.43 million in revenue, reflecting strong growth in the digital brokerage sector.

Taikang Asset Management Hong Kong Co Ltd grew its position in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 6,970.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 62,361 shares of the company's stock after buying an additional 61,479 shares during the quarter. Taikang Asset Management Hong Kong Co Ltd's holdings in Futu were worth $6,383,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in FUTU. Trivest Advisors Ltd acquired a new position in Futu during the 1st quarter worth approximately $98,651,000. Yong Rong HK Asset Management Ltd acquired a new position in Futu during the 1st quarter worth approximately $77,172,000. Greenwoods Asset Management Hong Kong Ltd. increased its position in Futu by 48.2% during the 1st quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 1,901,635 shares of the company's stock worth $194,632,000 after purchasing an additional 618,701 shares in the last quarter. National Bank of Canada FI acquired a new position in Futu during the 1st quarter worth approximately $60,847,000. Finally, Point72 Hong Kong Ltd increased its position in 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 in the last quarter.

Futu Trading Down 0.3%

FUTU traded down $0.51 during trading on Friday, reaching $185.60. 2,312,874 shares of the company's stock were exchanged, compared to its average volume of 2,417,775. The firm has a fifty day moving average price of $153.85 and a two-hundred day moving average price of $121.48. Futu Holdings Limited Sponsored ADR has a one year low of $56.22 and a one year high of $197.35. The stock has a market capitalization of $25.82 billion, a PE ratio of 25.74, a price-to-earnings-growth ratio of 0.82 and a beta of 0.49.

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

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Bank of America upped their price objective on shares of Futu from $172.00 to $200.00 and gave the stock a "buy" rating in a research report on Thursday, August 21st. Daiwa Capital Markets assumed coverage on shares of Futu in a research report on Monday, August 11th. They set a "buy" rating and a $190.00 price objective for the company. Citigroup upped their price objective 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. JPMorgan Chase & Co. boosted their target price on shares of Futu from $200.00 to $270.00 and gave the stock an "overweight" rating in a report on Thursday. Finally, Barclays boosted their target price on shares of Futu from $176.00 to $232.00 and gave the stock an "overweight" rating in a report on Friday, August 22nd. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $190.43.

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.