Dai Ichi Life Insurance Company Ltd purchased a new stake in Futu Holdings Limited (NASDAQ:FUTU) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,300 shares of the company’s stock, valued at approximately $233,000.
Several other hedge funds also recently bought and sold shares of FUTU. BlackRock Inc. lifted its stake in shares of Futu by 221.6% in the 2nd quarter. BlackRock Inc. now owns 2,161,574 shares of the company’s stock valued at $387,116,000 after purchasing an additional 1,489,432 shares during the period. Yong Rong HK Asset Management Ltd acquired a new position in shares of Futu in the 2nd quarter valued at $131,990,000. TT International Asset Management LTD acquired a new position in shares of Futu in the 2nd quarter valued at $106,817,000. Morgan Stanley lifted its stake in shares of Futu by 268.8% in the 1st quarter. Morgan Stanley now owns 514,133 shares of the company’s stock valued at $81,655,000 after purchasing an additional 374,732 shares during the period. Finally, Legal & General Group Plc lifted its stake in shares of Futu by 14,676.2% in the 2nd quarter. Legal & General Group Plc now owns 302,174 shares of the company’s stock valued at $54,117,000 after purchasing an additional 300,129 shares during the period. 21.22% of the stock is currently owned by institutional investors.
FUTU has been the topic of a number of analyst reports. The Goldman Sachs Group assumed coverage on Futu in a research note on Tuesday, July 13th. They issued a “neutral” rating and a $158.27 price target on the stock. Zacks Investment Research downgraded Futu from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 3rd. Finally, BOCOM International raised Futu from a “neutral” rating to a “buy” rating and set a $142.00 price objective on the stock in a research note on Monday, August 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Futu currently has a consensus rating of “Buy” and an average price target of $193.38.
Futu (NASDAQ:FUTU) last released its quarterly earnings results on Monday, August 30th. The company reported $3.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $4.64 by ($1.06). Futu had a net margin of 44.47% and a return on equity of 20.44%. Research analysts expect that Futu Holdings Limited will post 2.43 EPS for the current year.
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.
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