RWC Asset Management LLP Decreases Stake in Futu Holdings Limited (NASDAQ:FUTU)

RWC Asset Management LLP cut its position in Futu Holdings Limited (NASDAQ:FUTU) by 58.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,259 shares of the company’s stock after selling 24,264 shares during the period. RWC Asset Management LLP’s holdings in Futu were worth $1,381,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. CWM LLC raised its stake in Futu by 67.7% in the third quarter. CWM LLC now owns 743 shares of the company’s stock valued at $71,000 after buying an additional 300 shares in the last quarter. Creative Planning lifted its stake in Futu by 6.3% during the third quarter. Creative Planning now owns 14,091 shares of the company’s stock worth $1,348,000 after purchasing an additional 838 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Futu by 14.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 877 shares of the company’s stock valued at $84,000 after purchasing an additional 112 shares in the last quarter. abrdn plc raised its holdings in Futu by 8.4% during the third quarter. abrdn plc now owns 10,394 shares of the company’s stock worth $994,000 after purchasing an additional 807 shares in the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. purchased a new stake in shares of Futu during the 3rd quarter worth approximately $271,000.

Futu Stock Performance

NASDAQ FUTU opened at $121.40 on Monday. Futu Holdings Limited has a one year low of $49.63 and a one year high of $130.88. The firm has a market cap of $16.73 billion, a PE ratio of 29.75, a P/E/G ratio of 0.79 and a beta of 0.76. The firm’s fifty day moving average is $93.05 and its two-hundred day moving average is $86.12.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on FUTU shares. Citigroup lowered shares of Futu from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $79.00 to $95.00 in a research note on Tuesday, November 19th. Morgan Stanley raised Futu from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $70.00 to $115.00 in a report on Monday, November 18th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Futu currently has an average rating of “Moderate Buy” and an average price target of $91.40.

Futu Company Profile

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.