Federated Hermes Inc. Has $1.20 Million Stake in Futu Holdings Limited (NASDAQ:FUTU)

Federated Hermes Inc. increased its position in Futu Holdings Limited (NASDAQ:FUTU) by 743.5% during the second quarter, HoldingsChannel reports. The institutional investor owned 18,227 shares of the company’s stock after acquiring an additional 16,066 shares during the period. Federated Hermes Inc.’s holdings in Futu were worth $1,196,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Forsta AP Fonden increased its stake in shares of Futu by 4.7% during the 2nd quarter. Forsta AP Fonden now owns 20,100 shares of the company’s stock worth $1,319,000 after purchasing an additional 900 shares during the last quarter. Headlands Technologies LLC acquired a new position in Futu during the second quarter worth $490,000. Daiwa Securities Group Inc. raised its holdings in Futu by 23.7% during the second quarter. Daiwa Securities Group Inc. now owns 4,700 shares of the company’s stock valued at $308,000 after buying an additional 900 shares in the last quarter. Sparta 24 Ltd. acquired a new stake in shares of Futu in the second quarter worth about $1,806,000. Finally, Acadian Asset Management LLC boosted its stake in shares of Futu by 5,492.5% during the 2nd quarter. Acadian Asset Management LLC now owns 265,869 shares of the company’s stock worth $17,419,000 after acquiring an additional 261,115 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on FUTU shares. JPMorgan Chase & Co. raised Futu from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $62.00 to $92.00 in a research note on Tuesday, May 28th. Bank of America boosted their price objective on shares of Futu from $77.60 to $80.20 and gave the stock a “buy” rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $71.57.

Futu Price Performance

NASDAQ FUTU opened at $65.53 on Friday. The company’s fifty day moving average is $60.93 and its two-hundred day moving average is $63.97. The firm has a market capitalization of $9.03 billion, a price-to-earnings ratio of 17.34, a P/E/G ratio of 0.92 and a beta of 0.72. Futu Holdings Limited has a 52-week low of $43.61 and a 52-week high of $81.86.

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