Scientech Research LLC Acquires New Position in Futu Holdings Limited (NASDAQ:FUTU)

Scientech Research LLC bought a new position in shares of Futu Holdings Limited (NASDAQ:FUTU) during the second quarter, HoldingsChannel.com reports. The firm bought 3,353 shares of the company’s stock, valued at approximately $220,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FUTU. Norges Bank purchased a new stake in shares of Futu in the fourth quarter worth $11,472,000. Franklin Resources Inc. bought a new position in Futu in the 4th quarter worth $2,474,000. Hsbc Holdings PLC increased its stake in Futu by 889.5% in the 4th quarter. Hsbc Holdings PLC now owns 175,458 shares of the company’s stock worth $9,586,000 after buying an additional 197,683 shares in the last quarter. CenterBook Partners LP bought a new stake in Futu during the fourth quarter valued at about $591,000. Finally, Prudential PLC lifted its position in shares of Futu by 23.2% in the fourth quarter. Prudential PLC now owns 597,476 shares of the company’s stock valued at $32,640,000 after acquiring an additional 112,497 shares in the last quarter.

Wall Street Analyst Weigh In

Separately, Bank of America lifted their target price on Futu from $80.20 to $90.00 and gave the company a “buy” rating in a research note on Friday. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $72.97.

Futu Trading Up 11.6 %

Shares of FUTU stock opened at $95.65 on Tuesday. The stock has a market capitalization of $13.18 billion, a price-to-earnings ratio of 25.30, a price-to-earnings-growth ratio of 1.04 and a beta of 0.72. Futu Holdings Limited has a 12-month low of $43.61 and a 12-month high of $102.99. The stock’s 50-day moving average price is $62.82 and its 200-day moving average price is $64.88.

Futu (NASDAQ:FUTU) last released its quarterly earnings data on Tuesday, August 20th. The company reported $1.11 earnings per share (EPS) for the quarter. The business 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%. As a group, research analysts predict that Futu Holdings Limited will post 4.51 EPS for the current fiscal year.

About Futu

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.