Connor Clark & Lunn Investment Management Ltd. Acquires 29,401 Shares of Futu Holdings Limited (NASDAQ:FUTU)

Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Futu Holdings Limited (NASDAQ:FUTU) by 127.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 52,530 shares of the company’s stock after purchasing an additional 29,401 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Futu were worth $5,024,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Natixis Advisors LLC purchased a new stake in shares of Futu in the 3rd quarter worth approximately $1,100,000. Central Asset Investments & Management Holdings HK Ltd purchased a new stake in shares of Futu in the third quarter worth $7,652,000. CIBC Asset Management Inc grew its stake in shares of Futu by 4.3% in the third quarter. CIBC Asset Management Inc now owns 5,403 shares of the company’s stock worth $517,000 after acquiring an additional 222 shares during the last quarter. Plato Investment Management Ltd bought a new position in shares of Futu during the third quarter valued at $784,000. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in shares of Futu by 14.8% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 117,561 shares of the company’s stock worth $11,245,000 after purchasing an additional 15,127 shares during the last quarter.

Futu Stock Down 0.6 %

Shares of Futu stock opened at $84.22 on Friday. Futu Holdings Limited has a twelve month low of $43.61 and a twelve month high of $130.50. The company has a market cap of $11.60 billion, a price-to-earnings ratio of 20.64, a price-to-earnings-growth ratio of 0.26 and a beta of 0.75. The company’s 50 day moving average is $92.90 and its 200 day moving average is $75.66.

Analyst Upgrades and Downgrades

Several analysts recently commented on FUTU shares. Bank of America increased their price objective on shares of Futu from $80.20 to $90.00 and gave the company a “buy” rating in a research report on Friday, September 27th. Morgan Stanley upgraded shares of Futu from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $70.00 to $115.00 in a report on Monday, November 18th. Finally, Citigroup lowered shares of Futu from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $79.00 to $95.00 in a report on Tuesday, November 19th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $85.07.

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.