Virtu Financial LLC Reduces Stock Position in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU)

Key Points

• Virtu Financial LLC sold 4,107 shares of Futu Holdings Limited, reducing its stake by 31% to 9,149 shares, worth approximately $936,000.
• Futu reported a quarterly EPS of $1.96, slightly exceeding analysts' expectations, with a revenue of $603.43 million for the same period.
• A number of analysts have recently upgraded their ratings for Futu, with Bank of America raising the price target to $143.90 and Barclays initiating coverage at a $176.00 price objective.

Virtu Financial LLC reduced its stake in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 31.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,149 shares of the company's stock after selling 4,107 shares during the period. Virtu Financial LLC's holdings in Futu were worth $936,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. China Universal Asset Management Co. Ltd. grew its holdings in shares of Futu by 1,137.6% during the first quarter. China Universal Asset Management Co. Ltd. now owns 17,500 shares of the company's stock valued at $1,791,000 after buying an additional 16,086 shares during the last quarter. Yong Rong HK Asset Management Ltd acquired a new position in shares of Futu during the first quarter valued at about $77,172,000. Trivest Advisors Ltd acquired a new position in shares of Futu during the first quarter valued at about $98,651,000. GAM Holding AG grew its holdings in shares of Futu by 41.7% during the first quarter. GAM Holding AG now owns 8,500 shares of the company's stock valued at $870,000 after buying an additional 2,500 shares during the last quarter. Finally, ARK Investment Management LLC acquired a new position in shares of Futu during the first quarter valued at about $12,687,000.

Futu Stock Performance

FUTU traded down $0.50 during midday trading on Friday, reaching $174.25. The company had a trading volume of 1,489,984 shares, compared to its average volume of 2,437,347. The stock has a market cap of $24.25 billion, a PE ratio of 29.04, a P/E/G ratio of 1.08 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 $179.17. The business has a 50-day moving average price of $140.43 and a two-hundred day moving average price of $115.68.

Futu (NASDAQ:FUTU - Get Free Report) last released its 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 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%. On average, research analysts anticipate that Futu Holdings Limited Sponsored ADR will post 4.94 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FUTU has been the subject of a number of analyst reports. Barclays began coverage on shares of Futu in a report on Thursday, July 17th. They set an "overweight" rating and a $176.00 price objective for the company. Bank of America boosted their price target on shares of Futu from $123.70 to $143.90 and gave the stock a "buy" rating in a report on Wednesday, June 11th. Daiwa America upgraded shares of Futu to a "strong-buy" rating in a report on Tuesday. 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. Finally, Daiwa Capital Markets began coverage on shares of Futu in a report on Monday. They set a "buy" rating and a $190.00 price target on the stock. One analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Futu has an average rating of "Buy" and an average price target of $158.13.

About Futu

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.