Penserra Capital Management LLC Trims Stock Position in Futu Holdings Limited Sponsored ADR $FUTU

Penserra Capital Management LLC cut its stake in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) by 42.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,708 shares of the company’s stock after selling 13,581 shares during the period. Penserra Capital Management LLC’s holdings in Futu were worth $2,312,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Erste Asset Management GmbH acquired a new position in Futu during the 1st quarter valued at approximately $1,036,000. Matthews International Capital Management LLC bought a new stake in Futu in the second quarter valued at $2,809,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Futu by 8.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 67,430 shares of the company’s stock valued at $6,901,000 after acquiring an additional 5,056 shares during the period. Swedbank AB grew its position in shares of Futu by 729.5% during the second quarter. Swedbank AB now owns 50,600 shares of the company’s stock worth $6,254,000 after acquiring an additional 44,500 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in shares of Futu in the 1st quarter worth about $16,112,000.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FUTU. Bank of America boosted their price objective on Futu from $172.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, August 21st. Barclays boosted their price target on Futu from $176.00 to $232.00 and gave the stock an “overweight” rating in a research report on Friday, August 22nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Futu in a research note on Wednesday, October 8th. Citigroup lifted their price objective on shares of Futu from $176.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, August 21st. Finally, Zacks Research raised shares of Futu from a “hold” rating to a “strong-buy” rating in a report on Monday, November 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $190.43.

Futu Stock Up 1.3%

NASDAQ:FUTU opened at $187.77 on Tuesday. Futu Holdings Limited Sponsored ADR has a 1-year low of $70.60 and a 1-year high of $202.53. The firm has a market capitalization of $26.13 billion, a price-to-earnings ratio of 26.04, a price-to-earnings-growth ratio of 0.67 and a beta of 0.49. The stock has a fifty day simple moving average of $177.35 and a 200 day simple moving average of $148.89.

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.