Plato Investment Management Ltd Sells 1,119 Shares of Futu Holdings Limited (NASDAQ:FUTU)

Plato Investment Management Ltd lessened its stake in Futu Holdings Limited (NASDAQ:FUTU) by 13.6% during the fourth quarter, Holdings Channel reports. The firm owned 7,090 shares of the company’s stock after selling 1,119 shares during the period. Plato Investment Management Ltd’s holdings in Futu were worth $569,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of FUTU. Allspring Global Investments Holdings LLC lifted its holdings in shares of 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 lifted 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 acquiring an additional 807 shares during the period. Janney Montgomery Scott LLC lifted its holdings in Futu by 20.1% during the third quarter. Janney Montgomery Scott LLC now owns 9,841 shares of the company’s stock worth $941,000 after acquiring an additional 1,650 shares during the period. Asset Management One Co. Ltd. lifted its holdings in Futu by 10.4% during the third quarter. Asset Management One Co. Ltd. now owns 29,592 shares of the company’s stock worth $2,830,000 after acquiring an additional 2,776 shares during the period. Finally, Valliance Asset Management Ltd bought a new stake in Futu during the third quarter worth $956,000.

Futu Price Performance

NASDAQ:FUTU opened at $108.18 on Wednesday. The business has a fifty day simple moving average of $96.42 and a two-hundred day simple moving average of $88.52. Futu Holdings Limited has a 1 year low of $51.80 and a 1 year high of $130.88. The company has a market capitalization of $14.91 billion, a P/E ratio of 26.51, a P/E/G ratio of 0.79 and a beta of 0.76.

Analyst Upgrades and Downgrades

A number of analysts recently commented on FUTU shares. Morgan Stanley upgraded Futu from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $70.00 to $115.00 in a report on Monday, November 18th. Citigroup lowered 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 report on Tuesday, November 19th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $91.40.

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.