E Fund Management Hong Kong Co. Ltd. Sells 1,349 Shares of Futu Holdings Limited Sponsored ADR $FUTU

E Fund Management Hong Kong Co. Ltd. lessened its stake in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) by 59.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 927 shares of the company’s stock after selling 1,349 shares during the period. E Fund Management Hong Kong Co. Ltd.’s holdings in Futu were worth $115,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FUTU. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new position in Futu during the 1st quarter valued at approximately $2,719,000. NEW THINKING HONG KONG INVESTMENT MANAGEMENT CO. Ltd bought a new stake in shares of Futu in the 1st quarter worth $2,047,000. Rakuten Securities Inc. increased its holdings in shares of Futu by 53.0% in the 1st quarter. Rakuten Securities Inc. now owns 1,045 shares of the company’s stock worth $107,000 after purchasing an additional 362 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of Futu by 54.7% in the 1st quarter. Blue Trust Inc. now owns 1,897 shares of the company’s stock worth $194,000 after purchasing an additional 671 shares in the last quarter. Finally, Retirement Systems of Alabama bought a new stake in shares of Futu in the 1st quarter worth $2,037,000.

Analyst Upgrades and Downgrades

A number of research firms have commented on FUTU. Bank of America lifted their target price on Futu from $172.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, August 21st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Futu in a report on Wednesday. Citigroup lifted their price objective on Futu from $176.00 to $190.00 and gave the stock a “neutral” rating in a report on Thursday, August 21st. Daiwa America raised Futu to a “strong-buy” rating in a report on Tuesday, August 12th. Finally, JPMorgan Chase & Co. lifted their price objective on Futu from $200.00 to $270.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Futu has an average rating of “Moderate Buy” and a consensus price target of $190.43.

Futu Stock Up 4.5%

Shares of Futu stock opened at $178.65 on Thursday. The company has a market capitalization of $24.86 billion, a price-to-earnings ratio of 24.78, a PEG ratio of 0.75 and a beta of 0.48. The stock’s 50-day simple moving average is $175.14 and its 200-day simple moving average is $133.92. Futu Holdings Limited Sponsored ADR has a 52 week low of $70.60 and a 52 week high of $199.86.

Futu 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.