Pictet Asset Management SA Sells 300,355 Shares of Futu Holdings Limited (NASDAQ:FUTU)

Pictet Asset Management SA decreased its position in Futu Holdings Limited (NASDAQ:FUTUGet Rating) by 89.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 34,700 shares of the company’s stock after selling 300,355 shares during the quarter. Pictet Asset Management SA’s holdings in Futu were worth $1,812,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in FUTU. Banco Santander S.A. bought a new stake in Futu in the 1st quarter worth approximately $26,699,000. Matrix China Management III L.P. bought a new position in shares of Futu during the 2nd quarter valued at approximately $39,486,000. Bank of America Corp DE increased its position in shares of Futu by 150.1% during the 1st quarter. Bank of America Corp DE now owns 1,253,354 shares of the company’s stock valued at $40,810,000 after purchasing an additional 752,280 shares during the last quarter. FengHe Fund Management Pte. Ltd. increased its position in shares of Futu by 357.3% during the 1st quarter. FengHe Fund Management Pte. Ltd. now owns 851,400 shares of the company’s stock valued at $27,722,000 after purchasing an additional 665,200 shares during the last quarter. Finally, Franchise Capital Ltd increased its position in shares of Futu by 1,123.7% during the 1st quarter. Franchise Capital Ltd now owns 338,770 shares of the company’s stock valued at $11,030,000 after purchasing an additional 311,087 shares during the last quarter. Institutional investors own 19.84% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on FUTU shares. Bank of America cut their target price on Futu from $60.60 to $51.50 in a research report on Sunday, August 14th. DBS Vickers started coverage on Futu in a research report on Monday, October 24th. They set a “buy” rating and a $55.00 target price on the stock. CLSA raised Futu from a “sell” rating to an “underperform” rating and boosted their target price for the company from $27.00 to $46.00 in a research report on Wednesday, August 31st. JPMorgan Chase & Co. raised Futu from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $55.00 to $62.00 in a research report on Wednesday, August 31st. Finally, Citigroup boosted their price objective on Futu from $58.00 to $64.10 and gave the company a “buy” rating in a report on Wednesday, August 31st. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $55.72.

Futu Stock Down 0.4 %

FUTU opened at $50.40 on Tuesday. The business has a fifty day moving average of $39.38 and a 200 day moving average of $41.72. Futu Holdings Limited has a 52-week low of $21.23 and a 52-week high of $57.76. The stock has a market cap of $7.58 billion, a P/E ratio of 25.45, a PEG ratio of 1.16 and a beta of 0.31.

Futu (NASDAQ:FUTUGet Rating) last issued its earnings results on Tuesday, August 30th. The company reported $0.57 earnings per share for the quarter. Futu had a return on equity of 11.29% and a net margin of 34.63%. The business had revenue of $222.59 million during the quarter. Equities analysts anticipate that Futu Holdings Limited will post 2.29 EPS for the current fiscal year.

Futu Company Profile

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Futu Holdings Limited operates an online brokerage and wealth management platform in Hong Kong and internationally. The company provides trading, clearing, and settlement services; margin financing and securities lending services; and stock yield enhancement program. It also offers online wealth management services under the brand of Futu Money Plus through its Futubull and moomoo platforms, which give access to mutual funds, private funds, and bonds; market data and information services; and NiuNiu Community, which serves as an open forum for users and clients to share insights, ask questions, and exchange ideas.

See Also

Institutional Ownership by Quarter for Futu (NASDAQ:FUTU)

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