Connor Clark & Lunn Investment Management Ltd. Has $53.17 Million Position in Futu Holdings Limited Sponsored ADR $FUTU

Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) by 78.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 430,233 shares of the company’s stock after purchasing an additional 189,490 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.31% of Futu worth $53,172,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Atlas Capital Advisors Inc. bought a new position in Futu in the 1st quarter worth approximately $26,000. Hantz Financial Services Inc. grew its stake in shares of Futu by 4,116.7% in the second quarter. Hantz Financial Services Inc. now owns 253 shares of the company’s stock worth $31,000 after acquiring an additional 247 shares during the last quarter. Geneos Wealth Management Inc. bought a new position in Futu during the first quarter worth $27,000. First Horizon Advisors Inc. bought a new position in Futu during the second quarter worth $35,000. Finally, Allianz SE acquired a new position in Futu during the 1st quarter valued at $30,000.

Analysts Set New Price Targets

FUTU has been the topic of several research reports. Daiwa Capital Markets started coverage on shares of Futu in a report on Monday, August 11th. They set a “buy” rating and a $190.00 price objective on the stock. Zacks Research upgraded Futu from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 3rd. JPMorgan Chase & Co. raised their price objective on Futu from $200.00 to $270.00 and gave the stock an “overweight” rating in a research report on Thursday, August 28th. Bank of America lifted their price objective on Futu from $172.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, August 21st. Finally, Daiwa America upgraded Futu to a “strong-buy” rating in a research note on Tuesday, August 12th. 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’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $190.43.

Futu Stock Performance

FUTU opened at $185.34 on Friday. The firm has a market cap of $25.79 billion, a price-to-earnings ratio of 25.71, a PEG ratio of 0.67 and a beta of 0.49. The firm’s 50-day simple moving average is $177.31 and its 200-day simple moving average is $147.81. Futu Holdings Limited Sponsored ADR has a twelve month low of $70.60 and a twelve month high of $202.53.

Futu Company 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.