Matthews International Capital Management LLC Purchases New Shares in Futu Holdings Limited Sponsored ADR $FUTU

Matthews International Capital Management LLC purchased a new stake in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) during the 2nd quarter, Holdings Channel reports. The institutional investor purchased 22,731 shares of the company’s stock, valued at approximately $2,809,000. Futu accounts for approximately 0.6% of Matthews International Capital Management LLC’s portfolio, making the stock its 25th largest position.

Several other hedge funds also recently made changes to their positions in FUTU. Wellington Management Group LLP bought a new stake in shares of Futu during the fourth quarter valued at approximately $250,000. GAMMA Investing LLC boosted its position in shares of Futu by 11,542.7% during the first quarter. GAMMA Investing LLC now owns 90,580 shares of the company’s stock valued at $9,271,000 after purchasing an additional 89,802 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new stake in shares of Futu during the first quarter valued at approximately $2,719,000. NEW THINKING HONG KONG INVESTMENT MANAGEMENT CO. Ltd bought a new stake in shares of Futu during the first quarter valued at approximately $2,047,000. Finally, Rakuten Securities Inc. boosted its position in shares of Futu by 53.0% during the first quarter. Rakuten Securities Inc. now owns 1,045 shares of the company’s stock valued at $107,000 after purchasing an additional 362 shares in the last quarter.

Wall Street Analyst Weigh In

Several research firms have commented on FUTU. Bank of America boosted their target price on Futu from $172.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, August 21st. Weiss Ratings reissued a “hold (c+)” rating on shares of Futu in a report on Saturday, September 27th. Citigroup boosted their target price on Futu from $176.00 to $190.00 and gave the stock a “neutral” rating in a report on Thursday, August 21st. Dbs Bank raised Futu to a “moderate buy” rating in a report on Thursday, September 4th. Finally, Daiwa Capital Markets began coverage on Futu in a report on Monday, August 11th. They issued a “buy” rating and a $190.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $190.43.

Futu Price Performance

Shares of NASDAQ:FUTU opened at $169.98 on Friday. The company has a market cap of $23.65 billion, a P/E ratio of 23.58, a PEG ratio of 0.73 and a beta of 0.48. Futu Holdings Limited Sponsored ADR has a 1 year low of $70.60 and a 1 year high of $199.86. The stock’s fifty day moving average price is $174.07 and its 200-day moving average price is $132.59.

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.