US Bancorp DE Buys 1,704 Shares of Futu Holdings Limited (NASDAQ:FUTU)

US Bancorp DE boosted its stake in Futu Holdings Limited (NASDAQ:FUTU – Get Rating) by 28.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 7,645 shares of the company’s stock after acquiring an additional 1,704 shares during the quarter. US Bancorp DE’s holdings in Futu were worth $285,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in FUTU. Matrix China Management III L.P. bought a new position in shares of Futu in the 2nd quarter valued at $39,486,000. Bank of America Corp DE boosted its stake in shares of Futu by 150.1% during the first quarter. Bank of America Corp DE now owns 1,253,354 shares of the company’s stock valued at $40,810,000 after purchasing an additional 752,280 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of Futu during the second quarter worth about $23,578,000. BlackRock Inc. increased its stake in shares of Futu by 9.3% in the first quarter. BlackRock Inc. now owns 2,586,169 shares of the company’s stock valued at $84,204,000 after buying an additional 220,500 shares during the period. Finally, Harvest Fund Management Co. Ltd bought a new position in Futu in the 2nd quarter valued at approximately $10,703,000. Institutional investors and hedge funds own 19.92% of the company’s stock.

Wall Street Analysts Forecast Growth

FUTU has been the topic of a number of research reports. CLSA lowered shares of Futu from a “buy” rating to a “reduce” rating and set a $43.00 target price on the stock. in a report on Tuesday, January 3rd. TheStreet upgraded Futu from a “c+” rating to a “b-” rating in a report on Thursday, December 15th. DBS Vickers initiated coverage on Futu in a report on Monday, October 24th. They set a “buy” rating and a $55.00 target price on the stock. Bank of America cut Futu from a “buy” rating to an “underperform” rating and decreased their price target for the company from $59.60 to $27.00 in a research note on Friday, December 30th. Finally, Credit Suisse Group lowered Futu from an “outperform” rating to a “neutral” rating and lifted their price objective for the stock from $61.00 to $64.00 in a research note on Friday, December 16th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $52.52.

Futu Trading Down 0.7 %

Shares of Futu stock opened at $53.14 on Wednesday. The company has a market cap of $7.99 billion, a P/E ratio of 24.60, a PEG ratio of 8.43 and a beta of 0.73. The business has a 50-day moving average price of $56.11 and a two-hundred day moving average price of $46.37. Futu Holdings Limited has a 1-year low of $21.23 and a 1-year high of $72.20.

Futu (NASDAQ:FUTU – Get Rating) last released its earnings results on Monday, November 21st. The company reported $0.68 EPS for the quarter. Futu had a return on equity of 12.17% and a net margin of 35.56%. The business had revenue of $247.85 million during the quarter. Equities research analysts forecast that Futu Holdings Limited will post 2.48 EPS for the current fiscal year.

Futu Profile

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Futu Holdings Ltd. is an advanced technology company, which engages in online brokerage and wealth management services. It provides investing services through its proprietary digital platforms, Futubull and moomoo that allows investors to trade securities and invest in fund products. The firm’s fee-generating services include trade execution, as well as margin financing and securities lending, which allow its clients to trade securities, such as stocks, ETFs, warrants, options and futures, across different markets.