Perseverance Asset Management International Makes New Investment in Futu Holdings Limited Sponsored ADR $FUTU

Perseverance Asset Management International purchased a new position in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) in the 1st quarter, Holdings Channel reports. The firm purchased 150,000 shares of the company’s stock, valued at approximately $20,514,000. Futu accounts for about 2.3% of Perseverance Asset Management International’s portfolio, making the stock its 10th largest position.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State of Wyoming boosted its position in shares of Futu by 21.4% during the first quarter. State of Wyoming now owns 1,530 shares of the company’s stock valued at $209,000 after buying an additional 270 shares during the last quarter. Cetera Investment Advisers increased its holdings in Futu by 74.5% in the 1st quarter. Cetera Investment Advisers now owns 9,699 shares of the company’s stock worth $1,326,000 after buying an additional 4,142 shares in the last quarter. Himension Capital Singapore PTE. LTD. raised its position in Futu by 21.5% in the 1st quarter. Himension Capital Singapore PTE. LTD. now owns 68,881 shares of the company’s stock worth $9,420,000 after buying an additional 12,205 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Futu by 12.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,316 shares of the company’s stock worth $453,000 after buying an additional 374 shares during the last quarter. Finally, WCM Investment Management LLC lifted its stake in Futu by 116.0% during the 1st quarter. WCM Investment Management LLC now owns 2,816 shares of the company’s stock valued at $370,000 after acquiring an additional 1,512 shares during the period.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FUTU. The Goldman Sachs Group downgraded shares of Futu from a “buy” rating to a “neutral” rating and set a $102.13 price target on the stock. in a report on Monday, May 25th. Wall Street Zen cut shares of Futu from a “hold” rating to a “sell” rating in a report on Saturday, May 30th. JPMorgan Chase & Co. restated a “neutral” rating and set a $87.00 price objective (down from $300.00) on shares of Futu in a research report on Friday, May 22nd. Zacks Research cut shares of Futu from a “hold” rating to a “strong sell” rating in a report on Monday, June 8th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $170.50 target price on shares of Futu in a research report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $162.80.

Futu Trading Down 6.7%

Shares of NASDAQ FUTU opened at $98.96 on Friday. The firm has a 50 day moving average of $100.71 and a 200 day moving average of $135.53. The firm has a market capitalization of $13.87 billion, a price-to-earnings ratio of 10.89, a price-to-earnings-growth ratio of 1.24 and a beta of 0.39. Futu Holdings Limited Sponsored ADR has a 12-month low of $80.50 and a 12-month high of $202.53.

Futu (NASDAQ:FUTU) last announced its earnings results on Thursday, May 28th. The company reported $0.77 EPS for the quarter, missing analysts’ consensus estimates of $2.89 by ($2.12). Futu had a net margin of 41.87% and a return on equity of 26.48%. The business had revenue of $694.17 million for the quarter, compared to analysts’ expectations of $761.35 million. Sell-side analysts predict that Futu Holdings Limited Sponsored ADR will post 8.95 EPS for the current year.

About Futu

Futu Holdings Ltd. is a technology-driven brokerage and wealth management company that provides online brokerage services, market data, and investment tools to retail and institutional clients. Headquartered in Hong Kong and listed on the NASDAQ under the ticker FUTU, the company operates digital trading platforms that combine order execution, real-time quotes, news, and research tools to serve active investors and wealth management customers.

The firm’s product suite includes brokerage access to equities, exchange-traded funds and derivatives across major markets, margin financing, initial public offering (IPO) subscription services, wealth management products and discretionary investment solutions.