NewEdge Advisors LLC Buys 3,026 Shares of Futu Holdings Limited (NASDAQ:FUTU)

NewEdge Advisors LLC lifted its stake in shares of Futu Holdings Limited (NASDAQ:FUTU - Free Report) by 17,800.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,043 shares of the company's stock after acquiring an additional 3,026 shares during the quarter. NewEdge Advisors LLC's holdings in Futu were worth $243,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Futu in the fourth quarter worth about $39,163,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Futu by 183.6% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 333,401 shares of the company's stock worth $26,669,000 after purchasing an additional 215,840 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in Futu by 189.5% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 39,047 shares of the company's stock worth $3,123,000 after purchasing an additional 25,557 shares during the period. Sei Investments Co. grew its holdings in Futu by 381.3% during the 4th 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 in the last quarter. Finally, APG Asset Management N.V. bought a new stake in shares of Futu during the fourth quarter valued at approximately $3,399,000.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Futu from $160.00 to $170.00 and gave the company an "overweight" rating in a research note on Friday, March 14th. UBS Group increased their price objective on shares of Futu from $130.00 to $136.00 and gave the company a "buy" rating in a report on Monday, March 17th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Futu presently has a consensus rating of "Moderate Buy" and an average target price of $121.20.

Futu Price Performance

Shares of NASDAQ FUTU traded up $2.57 during midday trading on Monday, reaching $101.17. 2,537,851 shares of the stock traded hands, compared to its average volume of 2,829,989. The company's 50 day moving average is $97.91 and its 200 day moving average is $94.32. Futu Holdings Limited has a one year low of $51.80 and a one year high of $130.88. The stock has a market capitalization of $14.08 billion, a PE ratio of 24.80, a P/E/G ratio of 0.79 and a beta of 0.67.

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.