Bank of America Corp DE Sells 63,875 Shares of Futu Holdings Limited (NASDAQ:FUTU)

Bank of America Corp DE decreased its position in shares of Futu Holdings Limited (NASDAQ:FUTU) by 38.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 101,706 shares of the company’s stock after selling 63,875 shares during the period. Bank of America Corp DE owned approximately 0.07% of Futu worth $8,135,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Smartleaf Asset Management LLC raised its position in Futu by 1,245.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 444 shares of the company’s stock valued at $36,000 after purchasing an additional 411 shares in the last quarter. Rakuten Securities Inc. lifted its stake in shares of Futu by 239.8% in the 4th quarter. Rakuten Securities Inc. now owns 683 shares of the company’s stock valued at $55,000 after purchasing an additional 482 shares during the period. Assetmark Inc. raised its position in Futu by 15,200.0% during the fourth quarter. Assetmark Inc. now owns 765 shares of the company’s stock worth $61,000 after acquiring an additional 760 shares during the period. Vestcor Inc lifted its position in shares of Futu by 19.2% in the fourth quarter. Vestcor Inc now owns 907 shares of the company’s stock valued at $73,000 after acquiring an additional 146 shares in the last quarter. Finally, Platinum Investment Management Ltd. acquired a new stake in Futu in the 4th quarter valued at about $86,000.

Wall Street Analyst Weigh In

A number of research analysts recently commented on FUTU shares. UBS Group upped their price objective on Futu from $130.00 to $136.00 and gave the company a “buy” rating in a report on Monday, March 17th. JPMorgan Chase & Co. upped their target price on shares of Futu from $160.00 to $170.00 and gave the company an “overweight” rating in a report on Friday, March 14th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $121.20.

Futu Stock Up 0.3%

Shares of Futu stock opened at $111.76 on Monday. The firm has a market cap of $15.55 billion, a price-to-earnings ratio of 27.39, a price-to-earnings-growth ratio of 0.79 and a beta of 0.67. Futu Holdings Limited has a 52-week low of $51.80 and a 52-week high of $130.88. The company’s 50-day simple moving average is $96.49 and its 200-day simple moving average is $95.59.

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.