Tredje AP fonden Trims Position in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU)

Key Points

• Tredje AP fonden has reduced its stake in Futu Holdings by 49.0% in the first quarter, now holding 21,200 shares valued at approximately $2.17 million.
• Futu Holdings reported an EPS of $1.96 for the latest quarter, exceeding the consensus estimate of $1.95 by $0.01, with a revenue of $603.43 million.
• Analysts have shown confidence in Futu, with Bank of America and Citigroup raising their price targets to $143.90 and $176.00, respectively, leading to an average target price of $152.82.

Tredje AP fonden lessened its holdings in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 49.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,200 shares of the company's stock after selling 20,400 shares during the period. Tredje AP fonden's holdings in Futu were worth $2,170,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Futu by 77.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 452 shares of the company's stock worth $36,000 after purchasing an additional 197 shares during the last quarter. Spire Wealth Management grew its stake in shares of Futu by 2,066.7% during the first quarter. Spire Wealth Management now owns 650 shares of the company's stock worth $67,000 after purchasing an additional 620 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Futu during the fourth quarter worth $60,000. Rakuten Securities Inc. grew its stake 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 purchasing an additional 362 shares in the last quarter. Finally, Versant Capital Management Inc grew its stake in shares of Futu by 2,723.1% during the first quarter. Versant Capital Management Inc now owns 1,101 shares of the company's stock worth $113,000 after purchasing an additional 1,062 shares in the last quarter.

Wall Street Analysts Forecast Growth

FUTU has been the subject of a number of analyst reports. Barclays initiated 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. Bank of America boosted their target price 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. Finally, Citigroup boosted their target price on shares of Futu from $113.00 to $176.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $152.82.

Futu Stock Down 7.8%

FUTU traded down $12.01 on Friday, reaching $141.67. The company had a trading volume of 3,904,587 shares, compared to its average volume of 2,785,749. Futu Holdings Limited Sponsored ADR has a 1 year low of $51.80 and a 1 year high of $174.36. The stock has a market capitalization of $19.71 billion, a PE ratio of 23.61, a P/E/G ratio of 1.21 and a beta of 0.49. The stock has a 50-day moving average price of $129.25 and a 200-day moving average price of $110.65.

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. Futu had a net margin of 41.74% and a return on equity of 23.07%. The firm had revenue of $603.43 million during the quarter, compared to analysts' expectations of $594.86 million. As a group, analysts expect that Futu Holdings Limited Sponsored ADR will post 4.94 earnings per share 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.