Yong Rong HK Asset Management Ltd Buys New Position in Futu Holdings Limited (NASDAQ:FUTU)

Yong Rong HK Asset Management Ltd bought a new stake in shares of Futu Holdings Limited (NASDAQ:FUTU) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 163,500 shares of the company’s stock, valued at approximately $8,933,000. Futu comprises 3.4% of Yong Rong HK Asset Management Ltd’s investment portfolio, making the stock its 10th biggest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Headlands Technologies LLC bought a new stake in shares of Futu during the 4th quarter worth $44,000. Advisors Preferred LLC bought a new stake in Futu during the fourth quarter worth about $53,000. Assetmark Inc. bought a new stake in Futu during the third quarter worth about $61,000. Signaturefd LLC boosted its holdings in shares of Futu by 12.2% in the 3rd quarter. Signaturefd LLC now owns 2,615 shares of the company’s stock worth $151,000 after purchasing an additional 285 shares in the last quarter. Finally, Compagnie Lombard Odier SCmA bought a new position in shares of Futu during the 4th quarter valued at about $148,000.

Wall Street Analyst Weigh In

FUTU has been the subject of several research reports. UBS Group raised Futu from a “neutral” rating to a “buy” rating and set a $67.00 target price for the company in a research note on Friday, January 5th. Citigroup lowered their price objective on shares of Futu from $76.90 to $75.30 and set a “buy” rating for the company in a report on Friday, March 15th. JPMorgan Chase & Co. lowered shares of Futu from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $64.00 to $62.00 in a report on Friday, March 15th. Morgan Stanley raised shares of Futu from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $40.00 to $50.00 in a research note on Thursday, January 4th. Finally, CLSA raised Futu from an “underperform” rating to an “outperform” rating and raised their price objective for the company from $50.00 to $65.00 in a research note on Monday, March 18th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.83.

Futu Stock Up 0.8 %

Shares of NASDAQ FUTU traded up $0.50 during trading hours on Wednesday, hitting $64.81. The company’s stock had a trading volume of 433,421 shares, compared to its average volume of 1,468,199. The business has a 50-day simple moving average of $56.76 and a 200-day simple moving average of $54.55. Futu Holdings Limited has a 12 month low of $35.91 and a 12 month high of $68.92.

Futu (NASDAQ:FUTU) last issued its quarterly earnings data on Thursday, March 14th. The company reported $0.81 earnings per share for the quarter. The firm had revenue of $303.84 million for the quarter, compared to analyst estimates of $374.14 million. Futu had a return on equity of 18.46% and a net margin of 42.77%. Sell-side analysts forecast that Futu Holdings Limited will post 4.47 earnings per share for the current 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.