Renaissance Technologies LLC Trims Holdings in Futu Holdings Limited (NASDAQ:FUTU)

Renaissance Technologies LLC decreased its holdings in Futu Holdings Limited (NASDAQ:FUTU – Get Rating) by 57.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 190,400 shares of the company’s stock after selling 261,200 shares during the period. Renaissance Technologies LLC owned about 0.13% of Futu worth $7,100,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Public Sector Pension Investment Board increased its stake in shares of Futu by 16.6% during the second quarter. Public Sector Pension Investment Board now owns 29,500 shares of the company’s stock valued at $1,540,000 after buying an additional 4,200 shares during the period. Great West Life Assurance Co. Can purchased a new position in shares of Futu during the third quarter valued at $1,138,000. Industrial Alliance Investment Management Inc. increased its stake in shares of Futu by 19.1% during the second quarter. Industrial Alliance Investment Management Inc. now owns 28,432 shares of the company’s stock valued at $1,484,000 after buying an additional 4,556 shares during the period. abrdn plc increased its stake in shares of Futu by 47.2% during the second quarter. abrdn plc now owns 9,073 shares of the company’s stock valued at $474,000 after buying an additional 2,909 shares during the period. Finally, Korea Investment CORP increased its stake in shares of Futu by 92.3% during the second quarter. Korea Investment CORP now owns 85,416 shares of the company’s stock valued at $4,460,000 after buying an additional 41,000 shares during the period. Hedge funds and other institutional investors own 19.92% of the company’s stock.

Futu Stock Performance

Shares of NASDAQ FUTU opened at $48.67 on Thursday. The company has a market cap of $7.32 billion, a PE ratio of 22.53, a P/E/G ratio of 7.90 and a beta of 0.80. The business has a 50-day simple moving average of $48.97 and a two-hundred day simple moving average of $47.79. Futu Holdings Limited has a fifty-two week low of $21.23 and a fifty-two week high of $72.20.

Wall Street Analysts Forecast Growth

FUTU has been the topic of several research reports. Bank of America lowered Futu from a “buy” rating to an “underperform” rating and cut their price target for the company from $59.60 to $27.00 in a research note on Friday, December 30th. Credit Suisse Group lowered Futu from an “outperform” rating to a “neutral” rating and lifted their target price for the company from $61.00 to $64.00 in a research note on Friday, December 16th. CLSA lowered Futu from a “buy” rating to a “reduce” rating and set a $43.00 target price on the stock. in a research note on Tuesday, January 3rd. Finally, TheStreet upgraded Futu from a “c+” rating to a “b-” rating in a research note on Thursday, December 15th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Futu currently has a consensus rating of “Hold” and a consensus price target of $52.52.

About Futu

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Futu Holdings Ltd. is an advanced technology company, which engages in online brokerage and wealth management services. It provides investing services through its proprietary digital platforms, Futubull and moomoo that allows investors to trade securities and invest in fund products. The firm’s fee-generating services include trade execution, as well as margin financing and securities lending, which allow its clients to trade securities, such as stocks, ETFs, warrants, options and futures, across different markets.