Persistent Asset Partners Ltd Lowers Holdings in Futu Holdings Limited Sponsored ADR $FUTU

Persistent Asset Partners Ltd trimmed its position in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) by 77.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,272 shares of the company’s stock after selling 7,728 shares during the period. Persistent Asset Partners Ltd’s holdings in Futu were worth $395,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Resona Asset Management Co. Ltd. boosted its stake in shares of Futu by 29.8% in the 2nd quarter. Resona Asset Management Co. Ltd. now owns 20,264 shares of the company’s stock valued at $2,499,000 after purchasing an additional 4,650 shares in the last quarter. Allianz Asset Management GmbH lifted its stake in Futu by 936.3% in the third quarter. Allianz Asset Management GmbH now owns 51,620 shares of the company’s stock worth $8,977,000 after purchasing an additional 46,639 shares during the last quarter. Rakuten Investment Management Inc. purchased a new stake in Futu during the third quarter valued at about $19,420,000. Lingohr Asset Management GmbH bought a new position in shares of Futu during the third quarter valued at about $2,922,000. Finally, Veritas Asset Management LLP increased its holdings in shares of Futu by 40.9% in the third quarter. Veritas Asset Management LLP now owns 420,857 shares of the company’s stock worth $73,191,000 after buying an additional 122,207 shares during the period.

Futu Price Performance

Shares of FUTU opened at $153.50 on Friday. The company has a 50-day simple moving average of $164.70 and a two-hundred day simple moving average of $171.36. The firm has a market capitalization of $21.36 billion, a PE ratio of 17.19, a price-to-earnings-growth ratio of 0.39 and a beta of 0.43. Futu Holdings Limited Sponsored ADR has a one year low of $70.60 and a one year high of $202.53.

Futu (NASDAQ:FUTU) last released its earnings results on Tuesday, November 18th. The company reported $2.93 EPS for the quarter, beating analysts’ consensus estimates of $2.54 by $0.39. Futu had a return on equity of 30.59% and a net margin of 47.11%.The company had revenue of $822.80 million during the quarter, compared to analysts’ expectations of $631.51 million. Analysts expect that Futu Holdings Limited Sponsored ADR will post 4.94 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on FUTU. Zacks Research upgraded Futu from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 3rd. The Goldman Sachs Group upgraded shares of Futu from a “neutral” rating to a “buy” rating and set a $213.39 price target for the company in a report on Monday, February 2nd. Barclays increased their price target on shares of Futu from $232.00 to $236.00 and gave the company an “overweight” rating in a research report on Thursday, November 20th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Futu in a research note on Thursday, January 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $205.06.

Futu Company Profile

Futu Holdings Ltd. is a technology-driven brokerage and wealth management company that provides online brokerage services, market data, and investment tools to retail and institutional clients. Headquartered in Hong Kong and listed on the NASDAQ under the ticker FUTU, the company operates digital trading platforms that combine order execution, real-time quotes, news, and research tools to serve active investors and wealth management customers.

The firm’s product suite includes brokerage access to equities, exchange-traded funds and derivatives across major markets, margin financing, initial public offering (IPO) subscription services, wealth management products and discretionary investment solutions.