Industrial Alliance Investment Management Inc. Cuts Stock Holdings in Futu Holdings Limited (NASDAQ:FUTU)

Industrial Alliance Investment Management Inc. lowered its stake in shares of Futu Holdings Limited (NASDAQ:FUTU – Get Rating) by 20.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,559 shares of the company’s stock after selling 5,873 shares during the period. Industrial Alliance Investment Management Inc.’s holdings in Futu were worth $841,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of FUTU. Ronald Blue Trust Inc. raised its stake in Futu by 596.9% during the third quarter. Ronald Blue Trust Inc. now owns 683 shares of the company’s stock worth $36,000 after purchasing an additional 585 shares during the period. Metropolitan Life Insurance Co NY purchased a new position in Futu during the third quarter worth approximately $71,000. Dupont Capital Management Corp increased its position in shares of Futu by 126.9% in the third quarter. Dupont Capital Management Corp now owns 2,637 shares of the company’s stock worth $98,000 after acquiring an additional 1,475 shares in the last quarter. Signaturefd LLC increased its position in shares of Futu by 25.8% in the third quarter. Signaturefd LLC now owns 2,752 shares of the company’s stock worth $103,000 after acquiring an additional 565 shares in the last quarter. Finally, Edmond DE Rothschild Holding S.A. increased its position in shares of Futu by 25.2% in the second quarter. Edmond DE Rothschild Holding S.A. now owns 2,132 shares of the company’s stock worth $111,000 after acquiring an additional 429 shares in the last quarter. Hedge funds and other institutional investors own 19.92% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on FUTU. Bank of America lowered shares of Futu from a “buy” rating to an “underperform” rating and dropped their price objective for the stock from $59.60 to $27.00 in a research report on Friday, December 30th. Credit Suisse Group lowered shares of Futu from an “outperform” rating to a “neutral” rating and increased their price objective for the stock from $61.00 to $64.00 in a research report on Friday, December 16th. TheStreet raised shares of Futu from a “c+” rating to a “b-” rating in a research report on Thursday, December 15th. Finally, CLSA lowered shares of Futu from a “buy” rating to a “reduce” rating and set a $43.00 price target for the company. in a report on Tuesday, January 3rd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $52.52.

Futu Trading Up 1.7 %

FUTU opened at $46.14 on Friday. The firm has a market cap of $6.94 billion, a price-to-earnings ratio of 21.36, a PEG ratio of 7.37 and a beta of 0.80. Futu Holdings Limited has a twelve month low of $26.84 and a twelve month high of $72.20. The company has a fifty day simple moving average of $49.18 and a 200 day simple moving average of $47.91.

Futu Company Profile

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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.