Zweig DiMenna Associates LLC Acquires New Position in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU)

Key Points

• Zweig DiMenna Associates LLC has invested approximately $3.40 million in Futu Holdings by acquiring 33,200 shares during the first quarter.
• Analysts have raised their price targets for Futu, with Citigroup and Barclays setting targets at $176.00, indicating positive market sentiment.
• Futu reported a quarterly earnings per share (EPS) of $1.96, exceeding analysts' expectations and demonstrating strong revenue growth of $603.43 million.

Zweig DiMenna Associates LLC acquired a new position in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 33,200 shares of the company's stock, valued at approximately $3,398,000.

A number of other large investors have also modified their holdings of the stock. Raymond James Financial Inc. purchased a new position in Futu in the fourth quarter valued at $786,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Futu by 1.2% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,326 shares of the company's stock valued at $746,000 after buying an additional 113 shares during the last quarter. American Century Companies Inc. increased its holdings in Futu by 5.7% in the fourth quarter. American Century Companies Inc. now owns 8,994 shares of the company's stock valued at $719,000 after buying an additional 488 shares during the last quarter. Sei Investments Co. increased its holdings in Futu by 381.3% in the fourth quarter. Sei Investments Co. now owns 51,903 shares of the company's stock valued at $4,152,000 after buying an additional 41,119 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in Futu in the fourth quarter valued at $2,189,000.

Futu Trading Down 4.4%

Shares of FUTU traded down $7.21 during mid-day trading on Tuesday, hitting $155.46. 1,770,768 shares of the company's stock were exchanged, compared to its average volume of 2,717,639. Futu Holdings Limited Sponsored ADR has a fifty-two week low of $51.80 and a fifty-two week high of $174.36. The firm has a market capitalization of $21.63 billion, a P/E ratio of 25.89, a P/E/G ratio of 1.29 and a beta of 0.60. The business's 50 day moving average is $126.07 and its two-hundred day moving average is $109.06.

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, topping the consensus estimate of $1.95 by $0.01. Futu had a net margin of 41.74% and a return on equity of 23.07%. The business had revenue of $603.43 million during the quarter, compared to the consensus estimate of $594.86 million. On average, equities research analysts forecast that Futu Holdings Limited Sponsored ADR will post 4.94 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently commented on FUTU shares. Bank of America increased their target price on Futu from $123.70 to $143.90 and gave the company a "buy" rating in a report on Wednesday, June 11th. Citigroup raised their price objective on Futu from $113.00 to $176.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Finally, Barclays began coverage on Futu in a report on Thursday, July 17th. They set an "overweight" rating and a $176.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $152.82.

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.