Persistent Asset Partners Ltd Reduces Position in Futu Holdings Limited Sponsored ADR $FUTU

Persistent Asset Partners Ltd decreased its position in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) by 77.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,272 shares of the company’s stock after selling 7,728 shares during the quarter. Persistent Asset Partners Ltd’s holdings in Futu were worth $395,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. AGF Management Ltd. bought a new position in shares of Futu in the 3rd quarter worth approximately $149,432,000. Arrowstreet Capital Limited Partnership raised its position in Futu by 113.9% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,544,025 shares of the company’s stock worth $190,826,000 after acquiring an additional 822,343 shares during the period. Aspex Management HK Ltd raised its position in Futu by 21.1% in the second quarter. Aspex Management HK Ltd now owns 3,393,307 shares of the company’s stock worth $419,379,000 after acquiring an additional 591,082 shares during the period. BNP Paribas Financial Markets boosted its stake in shares of Futu by 166.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 455,266 shares of the company’s stock worth $56,266,000 after acquiring an additional 284,387 shares during the last quarter. Finally, Bank of America Corp DE grew its position in shares of Futu by 34.4% during the 2nd quarter. Bank of America Corp DE now owns 1,006,656 shares of the company’s stock valued at $124,413,000 after acquiring an additional 257,389 shares during the period.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FUTU. Zacks Research upgraded Futu from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 3rd. The Goldman Sachs Group raised Futu from a “neutral” rating to a “buy” rating and set a $213.39 price objective on the stock in a research report on Monday, February 2nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Futu in a report on Thursday, January 22nd. Finally, Barclays lifted their price target on shares of Futu from $232.00 to $236.00 and gave the company an “overweight” rating in a report on Thursday, November 20th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $205.06.

Futu Stock Performance

NASDAQ:FUTU opened at $153.50 on Friday. The stock’s fifty day moving average is $164.70 and its 200 day moving average is $171.36. The firm has a market capitalization of $21.36 billion, a PE ratio of 17.19, a PEG ratio of 0.39 and a beta of 0.43. Futu Holdings Limited Sponsored ADR has a fifty-two week low of $70.60 and a fifty-two week high of $202.53.

Futu (NASDAQ:FUTU) last announced its earnings results on Tuesday, November 18th. The company reported $2.93 earnings per share for the quarter, beating the consensus estimate of $2.54 by $0.39. The business had revenue of $822.80 million for the quarter, compared to the consensus estimate of $631.51 million. Futu had a net margin of 47.11% and a return on equity of 30.59%. Equities analysts forecast that Futu Holdings Limited Sponsored ADR will post 4.94 EPS for the current year.

Futu Company Profile

Futu Holdings Ltd. is a technology-driven brokerage and wealth management company that provides online brokerage services, market data, and investment tools to retail and institutional clients. Headquartered in Hong Kong and listed on the NASDAQ under the ticker FUTU, the company operates digital trading platforms that combine order execution, real-time quotes, news, and research tools to serve active investors and wealth management customers.

The firm’s product suite includes brokerage access to equities, exchange-traded funds and derivatives across major markets, margin financing, initial public offering (IPO) subscription services, wealth management products and discretionary investment solutions.