Pinpoint Asset Management Ltd Cuts Stake in Futu Holdings Limited (NASDAQ:FUTU)

Pinpoint Asset Management Ltd cut its holdings in Futu Holdings Limited (NASDAQ:FUTU) by 4.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 153,307 shares of the company’s stock after selling 6,508 shares during the period. Futu accounts for 2.3% of Pinpoint Asset Management Ltd’s holdings, making the stock its 12th biggest holding. Pinpoint Asset Management Ltd’s holdings in Futu were worth $12,263,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in FUTU. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Futu by 1.2% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,326 shares of the company’s stock valued at $746,000 after buying an additional 113 shares during the last quarter. Rhumbline Advisers increased its holdings in Futu by 0.6% in the 4th quarter. Rhumbline Advisers now owns 23,023 shares of the company’s stock valued at $1,842,000 after acquiring an additional 144 shares during the last quarter. Vestcor Inc increased its holdings in Futu by 19.2% in the 4th quarter. Vestcor Inc now owns 907 shares of the company’s stock valued at $73,000 after acquiring an additional 146 shares during the last quarter. GAMMA Investing LLC lifted its stake in Futu by 31.0% in the 4th quarter. GAMMA Investing LLC now owns 778 shares of the company’s stock worth $62,000 after purchasing an additional 184 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of Futu by 1,245.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 444 shares of the company’s stock valued at $36,000 after purchasing an additional 411 shares during the last quarter.

Analyst Ratings Changes

Several brokerages have recently issued reports on FUTU. UBS Group lifted their target price on Futu from $130.00 to $136.00 and gave the stock a “buy” rating in a report on Monday, March 17th. JPMorgan Chase & Co. upped their price objective on Futu from $160.00 to $170.00 and gave the stock an “overweight” rating in a report on Friday, March 14th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $121.20.

Futu Trading Down 5.8 %

FUTU opened at $97.49 on Friday. The stock has a 50-day moving average of $108.45 and a 200 day moving average of $95.62. Futu Holdings Limited has a 12 month low of $51.80 and a 12 month high of $130.88. The firm has a market cap of $13.43 billion, a P/E ratio of 23.89, a P/E/G ratio of 0.79 and a beta of 0.67.

Futu 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.