Westpac Banking Corp Purchases New Stake in Futu Holdings Limited Sponsored ADR $FUTU

Westpac Banking Corp bought a new position in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) in the third quarter, Holdings Channel.com reports. The firm bought 12,420 shares of the company’s stock, valued at approximately $2,160,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Geneos Wealth Management Inc. bought a new position in Futu in the first quarter valued at $27,000. LFA Lugano Financial Advisors SA purchased a new stake in Futu in the second quarter worth approximately $28,000. Cooper Investors PTY Ltd. purchased a new position in shares of Futu during the third quarter worth approximately $29,000. Hantz Financial Services Inc. increased its stake in shares of Futu by 4,116.7% in the second quarter. Hantz Financial Services Inc. now owns 253 shares of the company’s stock worth $31,000 after buying an additional 247 shares during the period. Finally, First Horizon Advisors Inc. purchased a new stake in shares of Futu during the second quarter worth about $35,000.

Futu Stock Up 5.4%

NASDAQ FUTU opened at $151.72 on Thursday. The stock’s 50-day moving average price is $163.52 and its 200-day moving average price is $171.29. Futu Holdings Limited Sponsored ADR has a 52 week low of $70.60 and a 52 week high of $202.53. The company has a market capitalization of $21.11 billion, a P/E ratio of 16.99, a price-to-earnings-growth ratio of 0.37 and a beta of 0.43.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Futu in a research report on Thursday, January 22nd. Zacks Research upgraded Futu from a “hold” rating to a “strong-buy” rating in a report on Monday, November 3rd. Barclays raised their price target on Futu from $232.00 to $236.00 and gave the stock an “overweight” rating in a research note on Thursday, November 20th. Finally, The Goldman Sachs Group upgraded shares of Futu from a “neutral” rating to a “buy” rating and set a $213.39 price objective for the company in a report on Monday, February 2nd. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $205.06.

Futu 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.