HighTower Advisors LLC Decreases Stake in Futu Holdings Limited Sponsored ADR $FUTU

HighTower Advisors LLC lowered its stake in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) by 74.2% during the third quarter, Holdings Channel reports. The institutional investor owned 9,637 shares of the company’s stock after selling 27,769 shares during the period. HighTower Advisors LLC’s holdings in Futu were worth $1,676,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. AGF Management Ltd. purchased a new stake in shares of Futu in the 3rd quarter worth about $149,432,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Futu by 113.9% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,544,025 shares of the company’s stock valued at $190,826,000 after purchasing an additional 822,343 shares in the last quarter. Aspex Management HK Ltd grew its position in shares of Futu by 21.1% in the second quarter. Aspex Management HK Ltd now owns 3,393,307 shares of the company’s stock valued at $419,379,000 after purchasing an additional 591,082 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of Futu by 166.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 455,266 shares of the company’s stock worth $56,266,000 after purchasing an additional 284,387 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of Futu by 34.4% during the 2nd quarter. Bank of America Corp DE now owns 1,006,656 shares of the company’s stock worth $124,413,000 after purchasing an additional 257,389 shares during the last quarter.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Futu in a report on Thursday, January 22nd. The Goldman Sachs Group raised Futu from a “neutral” rating to a “buy” rating and set a $213.39 price objective on the stock in a research note on Monday, February 2nd. Barclays lifted their price objective on Futu from $232.00 to $236.00 and gave the stock an “overweight” rating in a research report on Thursday, November 20th. Finally, Zacks Research upgraded shares of Futu from a “hold” rating to a “strong-buy” rating in a report on Monday, November 3rd. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $205.06.

Futu Stock Down 2.9%

Shares of FUTU opened at $148.84 on Monday. Futu Holdings Limited Sponsored ADR has a fifty-two week low of $70.60 and a fifty-two week high of $202.53. The company’s fifty day moving average is $162.99 and its two-hundred day moving average is $171.10. The firm has a market cap of $20.71 billion, a PE ratio of 16.67, a price-to-earnings-growth ratio of 0.39 and a beta of 0.38.

About Futu

Futu Holdings Ltd. is a technology-driven brokerage and wealth management company that provides online brokerage services, market data, and investment tools to retail and institutional clients. Headquartered in Hong Kong and listed on the NASDAQ under the ticker FUTU, the company operates digital trading platforms that combine order execution, real-time quotes, news, and research tools to serve active investors and wealth management customers.

The firm’s product suite includes brokerage access to equities, exchange-traded funds and derivatives across major markets, margin financing, initial public offering (IPO) subscription services, wealth management products and discretionary investment solutions.