Tower Research Capital LLC TRC Sells 5,586 Shares of Futu Holdings Limited (NASDAQ:FUTU)

Tower Research Capital LLC TRC trimmed its holdings in Futu Holdings Limited (NASDAQ:FUTU) by 91.0% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 554 shares of the company’s stock after selling 5,586 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Futu were worth $30,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Acadian Asset Management LLC raised its holdings in Futu by 11,970.7% during the 3rd quarter. Acadian Asset Management LLC now owns 1,277,439 shares of the company’s stock worth $73,819,000 after purchasing an additional 1,266,856 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Futu during the 3rd quarter worth about $25,264,000. Canada Pension Plan Investment Board bought a new stake in Futu during the 3rd quarter worth about $22,823,000. SCEP Management Ltd bought a new stake in Futu during the 3rd quarter worth about $16,794,000. Finally, Prudential PLC raised its holdings in Futu by 78.1% during the 3rd quarter. Prudential PLC now owns 484,979 shares of the company’s stock worth $28,037,000 after purchasing an additional 212,622 shares during the last quarter.

Futu Price Performance

Shares of FUTU traded up $0.07 on Friday, hitting $71.78. The company’s stock had a trading volume of 2,274,463 shares, compared to its average volume of 1,520,192. The firm’s fifty day moving average price is $57.89 and its 200-day moving average price is $54.81. Futu Holdings Limited has a fifty-two week low of $35.91 and a fifty-two week high of $72.89.

Futu (NASDAQ:FUTU) last issued its quarterly earnings data on Thursday, March 14th. The company reported $0.81 earnings per share (EPS) for the quarter. Futu had a return on equity of 18.46% and a net margin of 42.77%. The business had revenue of $303.84 million during the quarter, compared to analyst estimates of $374.14 million. Sell-side analysts predict that Futu Holdings Limited will post 4.47 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on FUTU shares. CLSA raised Futu from an “underperform” rating to an “outperform” rating and boosted their price objective for the stock from $50.00 to $65.00 in a report on Monday, March 18th. Citigroup dropped their price objective on Futu from $76.90 to $75.30 and set a “buy” rating for the company in a report on Friday, March 15th. UBS Group upgraded Futu from a “neutral” rating to a “buy” rating and set a $67.00 target price for the company in a research report on Friday, January 5th. Finally, JPMorgan Chase & Co. lowered Futu from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $64.00 to $62.00 in a research report on Friday, March 15th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $62.83.

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.