Harvest Fund Management Co. Ltd Acquires 37,000 Shares of Futu Holdings Limited (NASDAQ:FUTU)

Harvest Fund Management Co. Ltd raised its holdings in shares of Futu Holdings Limited (NASDAQ:FUTU) by 689.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,370 shares of the company’s stock after buying 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 quarter.

Several other institutional investors have also added to or reduced their stakes in FUTU. Acadian Asset Management LLC raised its holdings in Futu by 11,970.7% in the 3rd quarter. Acadian Asset Management LLC now owns 1,277,439 shares of the company’s stock worth $73,819,000 after purchasing an additional 1,266,856 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in Futu in the 3rd quarter worth $25,264,000. Canada Pension Plan Investment Board bought a new position in Futu in the 3rd quarter worth $22,823,000. SCEP Management Ltd bought a new position in Futu in the 3rd quarter worth $16,794,000. Finally, Prudential PLC raised its holdings in Futu by 78.1% in the 3rd quarter. Prudential PLC now owns 484,979 shares of the company’s stock worth $28,037,000 after purchasing an additional 212,622 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. UBS Group raised Futu from a “neutral” rating to a “buy” rating and set a $67.00 target price on the stock in a report on Friday, January 5th. JPMorgan Chase & Co. cut Futu from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $64.00 to $62.00 in a report on Friday, March 15th. CLSA raised Futu from an “underperform” rating to an “outperform” rating and raised their price target for the company from $50.00 to $65.00 in a report on Monday, March 18th. Morgan Stanley raised Futu from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $40.00 to $50.00 in a report on Thursday, January 4th. Finally, Citigroup decreased their price target on Futu from $76.90 to $75.30 and set a “buy” rating on the stock in a report on Friday, March 15th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Futu currently has a consensus rating of “Moderate Buy” and an average price target of $62.83.

Futu Trading Up 11.5 %

Shares of FUTU stock traded up $6.38 during trading hours on Tuesday, hitting $61.93. The stock had a trading volume of 3,769,798 shares, compared to its average volume of 1,422,487. Futu Holdings Limited has a one year low of $35.91 and a one year high of $67.49. The stock’s 50-day moving average price is $55.40 and its two-hundred day moving average price is $54.46.

Futu (NASDAQ:FUTU) last issued its earnings results on Thursday, March 14th. The company reported $0.81 earnings per share (EPS) for the quarter. The firm had revenue of $303.84 million for the quarter, compared to analysts’ expectations of $374.14 million. Futu had a return on equity of 18.46% and a net margin of 42.77%. Equities research analysts predict that Futu Holdings Limited will post 4.47 EPS for the current fiscal year.

Futu Company Profile

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.