Futu Holdings Limited Sponsored ADR $FUTU Holdings Boosted by Veritas Asset Management LLP

Veritas Asset Management LLP boosted its holdings in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) by 40.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 420,857 shares of the company’s stock after buying an additional 122,207 shares during the period. Futu makes up about 0.8% of Veritas Asset Management LLP’s holdings, making the stock its 18th biggest position. Veritas Asset Management LLP’s holdings in Futu were worth $73,191,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FUTU. Arrowstreet Capital Limited Partnership increased its stake in shares of 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 last quarter. Aspex Management HK Ltd raised its stake in shares of Futu by 21.1% in the 2nd quarter. Aspex Management HK Ltd now owns 3,393,307 shares of the company’s stock valued at $419,379,000 after acquiring an additional 591,082 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Futu by 166.4% in the second quarter. BNP Paribas Financial Markets now owns 455,266 shares of the company’s stock worth $56,266,000 after buying an additional 284,387 shares during the last quarter. Bank of America Corp DE lifted its position in Futu by 34.4% during the 2nd quarter. Bank of America Corp DE now owns 1,006,656 shares of the company’s stock worth $124,413,000 after acquiring an additional 257,389 shares during the last quarter. Finally, Schroder Investment Management Group lifted its position in shares of Futu by 233.0% during the 2nd quarter. Schroder Investment Management Group now owns 363,967 shares of the company’s stock worth $44,983,000 after purchasing an additional 254,682 shares during the last quarter.

Futu Stock Down 0.4%

NASDAQ:FUTU opened at $161.98 on Monday. Futu Holdings Limited Sponsored ADR has a 12-month low of $70.60 and a 12-month high of $202.53. The firm has a market capitalization of $22.54 billion, a P/E ratio of 18.14, a P/E/G ratio of 0.42 and a beta of 0.43. The stock’s fifty day simple moving average is $169.70 and its 200-day simple moving average is $172.06.

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

Analysts Set New Price Targets

FUTU has been the subject of several research analyst reports. Zacks Research upgraded shares of Futu from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 3rd. Barclays increased their target price on Futu from $232.00 to $236.00 and gave the stock an “overweight” rating in a report on Thursday, November 20th. Weiss Ratings reissued a “hold (c+)” rating on shares of Futu in a report on Thursday, January 22nd. Finally, The Goldman Sachs Group raised Futu from a “neutral” rating to a “buy” rating and set a $213.39 price target for the company in a report on Monday. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $205.06.

About Futu

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.