Futu Holdings Limited (NASDAQ:FUTU) Shares Sold by Rhumbline Advisers

Rhumbline Advisers trimmed its holdings in Futu Holdings Limited (NASDAQ:FUTU) by 2.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,548 shares of the company’s stock after selling 475 shares during the period. Rhumbline Advisers’ holdings in Futu were worth $2,308,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FUTU. Csenge Advisory Group acquired a new stake in shares of Futu during the 4th quarter worth approximately $422,000. CIBC Asset Management Inc boosted its position in shares of Futu by 12.7% during the 4th quarter. CIBC Asset Management Inc now owns 6,089 shares of the company’s stock worth $487,000 after acquiring an additional 686 shares in the last quarter. GAM Holding AG acquired a new position in shares of Futu in the 4th quarter valued at $480,000. New York State Common Retirement Fund acquired a new stake in shares of Futu in the 4th quarter valued at about $2,436,000. Finally, Bank of New York Mellon Corp boosted its stake in Futu by 4.6% during the 4th quarter. Bank of New York Mellon Corp now owns 90,267 shares of the company’s stock worth $7,220,000 after purchasing an additional 3,968 shares during the period.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FUTU. UBS Group boosted their target price on shares of Futu from $130.00 to $136.00 and gave the stock a “buy” rating in a research report on Monday, March 17th. Bank of America raised their target price on Futu from $123.70 to $143.90 and gave the company a “buy” rating in a report on Wednesday, June 11th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Futu from $160.00 to $170.00 and gave the stock an “overweight” rating in a research report on Friday, March 14th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Futu currently has a consensus rating of “Moderate Buy” and an average target price of $131.98.

Futu Price Performance

Shares of FUTU stock opened at $123.51 on Tuesday. The business has a 50 day simple moving average of $99.76 and a 200 day simple moving average of $97.88. The firm has a market capitalization of $17.19 billion, a price-to-earnings ratio of 30.27, a price-to-earnings-growth ratio of 0.79 and a beta of 0.58. Futu Holdings Limited has a 12-month low of $51.80 and a 12-month high of $130.88.

Futu (NASDAQ:FUTU) last posted its quarterly earnings data on Thursday, May 29th. The company reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.95 by $0.01. Futu had a net margin of 38.59% and a return on equity of 16.86%. The company had revenue of $603.43 million during the quarter, compared to analyst estimates of $594.86 million. On average, equities analysts anticipate that Futu Holdings Limited will post 4.94 EPS for the current fiscal year.

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.