12,420 Shares in Futu Holdings Limited Sponsored ADR $FUTU Acquired by Westpac Banking Corp

Westpac Banking Corp acquired a new position in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 12,420 shares of the company’s stock, valued at approximately $2,160,000.

Several other hedge funds have also added to or reduced their stakes in the company. Aspex Management HK Ltd grew its stake in Futu by 21.1% in the second 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 during the period. Arrowstreet Capital Limited Partnership raised its position in Futu by 113.9% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,544,025 shares of the company’s stock valued at $190,826,000 after buying an additional 822,343 shares during the last quarter. State Street Corp boosted its position in Futu by 18.4% during the 2nd quarter. State Street Corp now owns 1,212,481 shares of the company’s stock worth $149,851,000 after acquiring an additional 188,840 shares during the last quarter. Bank of America Corp DE grew its stake in shares of 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 in the last quarter. Finally, AGF Management Ltd. bought a new position in shares of Futu in the 3rd quarter valued at about $149,432,000.

Analyst Upgrades and Downgrades

FUTU has been the topic of several recent analyst reports. The Goldman Sachs Group upgraded shares of Futu from a “neutral” rating to a “buy” rating and set a $213.39 price objective on the stock in a research note on Monday, February 2nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Futu in a research report on Thursday, January 22nd. Zacks Research raised Futu from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 3rd. Finally, Barclays boosted 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. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $205.06.

Futu Price Performance

Shares of FUTU stock opened at $151.72 on Thursday. Futu Holdings Limited Sponsored ADR has a one year low of $70.60 and a one year high of $202.53. The business’s 50 day simple moving average is $163.52 and its 200 day simple moving average is $171.29. The stock has a market capitalization of $21.11 billion, a PE ratio of 16.99, a PEG ratio of 0.37 and a beta of 0.43.

Futu Company 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.