Zurich Insurance Group Ltd FI Makes New $16.11 Million Investment in Futu Holdings Limited Sponsored ADR $FUTU

Key Points

• Zurich Insurance Group Ltd FI invested approximately $16.11 million in Futu Holdings Limited by acquiring 157,417 shares in the first quarter.
• Futu received multiple upgrades from analysts, with Barclays and Bank of America raising their price targets to $232.00 and $200.00, respectively, indicating strong investor confidence.
• Futu's stock has experienced significant volatility, with a one-year low of $56.22 and a one-year high of $199.86, reflecting its dynamic market performance.

Zurich Insurance Group Ltd FI bought a new position in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 157,417 shares of the company's stock, valued at approximately $16,112,000. Zurich Insurance Group Ltd FI owned about 0.11% of Futu as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Hhlr Advisors LTD. grew its holdings in shares of Futu by 285.2% in the 1st quarter. Hhlr Advisors LTD. now owns 4,307,492 shares of the company's stock worth $440,872,000 after acquiring an additional 3,189,189 shares during the last quarter. Greenwoods Asset Management Hong Kong Ltd. boosted its position in shares of Futu by 48.2% in the first quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 1,901,635 shares of the company's stock worth $194,632,000 after buying an additional 618,701 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Futu by 30.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,786,247 shares of the company's stock worth $182,824,000 after buying an additional 417,620 shares during the period. Trivest Advisors Ltd acquired a new stake in shares of Futu in the first quarter worth $98,651,000. Finally, Point72 Hong Kong Ltd boosted its position in shares of Futu by 170.6% in the fourth quarter. Point72 Hong Kong Ltd now owns 830,842 shares of the company's stock worth $66,459,000 after buying an additional 523,808 shares during the period.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on FUTU shares. Bank of America raised their target price on Futu from $172.00 to $200.00 and gave the stock a "buy" rating in a research report on Thursday, August 21st. Citigroup raised their target price on 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. raised their target price on Futu from $200.00 to $270.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Daiwa Capital Markets started coverage on Futu in a research report on Monday, August 11th. They issued a "buy" rating and a $190.00 target price for the company. Finally, Daiwa America raised Futu to a "strong-buy" rating in a research report on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Futu presently has a consensus rating of "Buy" and a consensus price target of $190.43.

Futu Price Performance

FUTU traded down $0.23 during trading on Friday, reaching $185.89. 924,454 shares of the stock traded hands, compared to its average volume of 2,173,668. The stock has a market cap of $25.86 billion, a price-to-earnings ratio of 25.78, a price-to-earnings-growth ratio of 0.83 and a beta of 0.57. Futu Holdings Limited Sponsored ADR has a fifty-two week low of $56.36 and a fifty-two week high of $199.86. The stock's 50-day simple moving average is $167.14 and its two-hundred day simple moving average is $126.22.

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.