Harvest Fund Management Co. Ltd Boosts Stake in Futu Holdings Limited (NASDAQ:FUTU)

Harvest Fund Management Co. Ltd lifted its position in shares of Futu Holdings Limited (NASDAQ:FUTU) by 689.0% during the 4th quarter, HoldingsChannel reports. The fund owned 42,370 shares of the company’s stock after purchasing an additional 37,000 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Futu were worth $2,309,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Vontobel Holding Ltd. raised its position in shares of Futu by 9.5% during the 4th quarter. Vontobel Holding Ltd. now owns 20,975 shares of the company’s stock worth $1,146,000 after purchasing an additional 1,828 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Futu by 0.6% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 124,898 shares of the company’s stock worth $6,823,000 after purchasing an additional 763 shares during the last quarter. Advisors Preferred LLC acquired a new position in shares of Futu during the 4th quarter worth about $53,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH acquired a new position in shares of Futu during the 4th quarter worth about $481,000. Finally, AustralianSuper Pty Ltd raised its position in shares of Futu by 41.9% during the 4th quarter. AustralianSuper Pty Ltd now owns 291,494 shares of the company’s stock worth $15,924,000 after purchasing an additional 86,068 shares during the last quarter.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FUTU. JPMorgan Chase & Co. downgraded shares of Futu from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $64.00 to $62.00 in a research report on Friday, March 15th. Morgan Stanley upgraded shares of Futu from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $40.00 to $50.00 in a report on Thursday, January 4th. UBS Group upgraded shares of Futu from a “neutral” rating to a “buy” rating and set a $67.00 price objective for the company in a report on Friday, January 5th. Citigroup cut their price objective on shares of Futu from $76.90 to $75.30 and set a “buy” rating for the company in a report on Friday, March 15th. Finally, CLSA upgraded shares of Futu from an “underperform” rating to an “outperform” rating and increased their price objective for the company from $50.00 to $65.00 in a report on Monday, March 18th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $62.83.

Futu Stock Up 11.5 %

Shares of NASDAQ FUTU traded up $6.38 during midday trading on Tuesday, reaching $61.93. 3,769,798 shares of the stock were exchanged, compared to its average volume of 1,422,487. The company has a 50 day simple moving average of $55.40 and a 200 day simple moving average of $54.46. Futu Holdings Limited has a twelve month low of $35.91 and a twelve month high of $67.49.

Futu (NASDAQ:FUTU) last announced its quarterly earnings results on Thursday, March 14th. The company reported $0.81 earnings per share (EPS) for the quarter. The business had revenue of $303.84 million during the quarter, compared to the consensus estimate of $374.14 million. Futu had a net margin of 42.77% and a return on equity of 18.46%. On average, equities research analysts predict that Futu Holdings Limited will post 4.47 earnings per share for the current 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.