Maytree Asset Management Ltd Acquires New Position in Futu Holdings Limited Sponsored ADR $FUTU

Maytree Asset Management Ltd acquired a new stake in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 25,800 shares of the company’s stock, valued at approximately $3,189,000. Futu comprises about 5.3% of Maytree Asset Management Ltd’s investment portfolio, making the stock its 3rd biggest position.

Several other institutional investors also recently bought and sold shares of the company. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Futu during the 2nd quarter valued at about $8,529,000. Envestnet Asset Management Inc. boosted its holdings in shares of Futu by 19.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 11,911 shares of the company’s stock valued at $1,472,000 after acquiring an additional 1,931 shares during the last quarter. State of New Jersey Common Pension Fund D boosted its holdings in shares of Futu by 6.3% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 30,360 shares of the company’s stock valued at $3,752,000 after acquiring an additional 1,800 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Futu by 25.9% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 373,918 shares of the company’s stock valued at $46,213,000 after acquiring an additional 76,972 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in shares of Futu by 578.3% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 780 shares of the company’s stock valued at $96,000 after acquiring an additional 665 shares during the last quarter.

Futu Stock Performance

FUTU stock opened at $178.38 on Monday. The firm has a fifty day moving average price of $176.20 and a 200 day moving average price of $140.27. Futu Holdings Limited Sponsored ADR has a fifty-two week low of $70.60 and a fifty-two week high of $199.86. The firm has a market cap of $24.82 billion, a PE ratio of 24.74, a price-to-earnings-growth ratio of 0.78 and a beta of 0.48.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FUTU. Citigroup raised their price target on shares of Futu from $176.00 to $190.00 and gave the company a “neutral” rating in a report on Thursday, August 21st. Zacks Research cut shares of Futu from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 3rd. Bank of America raised their target price on shares of Futu from $172.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, August 21st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Futu in a research report on Saturday. Finally, Daiwa America upgraded shares of Futu to a “strong-buy” rating in a research report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Futu presently has a consensus rating of “Moderate Buy” and a consensus price target of $190.43.

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.