KBC Group NV Lowers Position in Futu Holdings Limited (NASDAQ:FUTU)

KBC Group NV decreased its stake in shares of Futu Holdings Limited (NASDAQ:FUTU) by 16.0% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 33,291 shares of the company’s stock after selling 6,342 shares during the quarter. KBC Group NV’s holdings in Futu were worth $3,184,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Plato Investment Management Ltd acquired a new stake in shares of Futu during the 3rd quarter worth $784,000. Sumitomo Mitsui Trust Group Inc. increased its stake in Futu by 14.8% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 117,561 shares of the company’s stock worth $11,245,000 after acquiring an additional 15,127 shares during the last quarter. Venturi Wealth Management LLC purchased a new position in shares of Futu in the 3rd quarter worth about $92,000. State of New Jersey Common Pension Fund D lifted its stake in shares of Futu by 29.3% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 38,860 shares of the company’s stock valued at $3,717,000 after purchasing an additional 8,800 shares in the last quarter. Finally, Crossmark Global Holdings Inc. purchased a new stake in shares of Futu during the 3rd quarter worth about $346,000.

Futu Stock Performance

FUTU stock opened at $89.08 on Monday. The stock has a 50-day simple moving average of $90.00 and a 200-day simple moving average of $75.15. The firm has a market cap of $12.27 billion, a P/E ratio of 23.02, a price-to-earnings-growth ratio of 0.93 and a beta of 0.75. Futu Holdings Limited has a 1 year low of $43.61 and a 1 year high of $130.50.

Futu (NASDAQ:FUTU) last posted its quarterly earnings data on Tuesday, August 20th. The company reported $1.11 earnings per share (EPS) for the quarter. Futu had a net margin of 39.27% and a return on equity of 16.77%. The company had revenue of $400.73 million for the quarter. On average, equities research analysts predict that Futu Holdings Limited will post 4.75 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Bank of America raised their price target on shares of Futu from $80.20 to $90.00 and gave the company a “buy” rating in a report on Friday, September 27th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Futu has a consensus rating of “Moderate Buy” and a consensus target price of $72.97.

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.