Intech Investment Management LLC Buys Shares of 49,023 Futu Holdings Limited (NASDAQ:FUTU)

Intech Investment Management LLC purchased a new stake in shares of Futu Holdings Limited (NASDAQ:FUTU) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 49,023 shares of the company’s stock, valued at approximately $3,216,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Seven Eight Capital LP purchased a new position in Futu in the 2nd quarter worth about $1,956,000. Hsbc Holdings PLC grew its stake in shares of Futu by 14.3% in the second quarter. Hsbc Holdings PLC now owns 221,306 shares of the company’s stock worth $14,510,000 after acquiring an additional 27,607 shares during the period. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Futu during the second quarter valued at approximately $280,000. Mercer Global Advisors Inc. ADV boosted its holdings in Futu by 9.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 12,521 shares of the company’s stock worth $821,000 after purchasing an additional 1,128 shares during the last quarter. Finally, E Fund Management Co. Ltd. purchased a new stake in Futu in the second quarter worth approximately $31,490,000.

Futu Stock Performance

NASDAQ FUTU opened at $65.53 on Monday. The business’s fifty day moving average is $60.93 and its 200 day moving average is $63.97. Futu Holdings Limited has a fifty-two week low of $43.61 and a fifty-two week high of $81.86. The company has a market capitalization of $9.03 billion, a PE ratio of 17.34, a price-to-earnings-growth ratio of 0.92 and a beta of 0.72.

Futu (NASDAQ:FUTU) last posted its quarterly earnings data on Tuesday, August 20th. The company reported $1.11 earnings per share for the quarter. The firm had revenue of $400.73 million for the quarter. Futu had a return on equity of 16.77% and a net margin of 39.27%. On average, sell-side analysts forecast that Futu Holdings Limited will post 4.51 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on FUTU. Bank of America increased their price target on Futu from $77.60 to $80.20 and gave the company a “buy” rating in a report on Wednesday, August 21st. JPMorgan Chase & Co. raised Futu from a “neutral” rating to an “overweight” rating and increased their target price for the company from $62.00 to $92.00 in a report on Tuesday, May 28th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Futu has a consensus rating of “Moderate Buy” and a consensus target price of $71.57.

Futu Company Profile

Futu Holdings Limited provides digitalized securities brokerage and wealth management product distribution service in Hong Kong and internationally. It offers online financial services, including securities and derivative trades brokerage, margin financing and fund distribution services through its Futubull and Moomoo digital platforms.