E Fund Management Co. Ltd. Sells 7,310 Shares of Futu Holdings Limited (NASDAQ:FUTU)

E Fund Management Co. Ltd. decreased its position in shares of Futu Holdings Limited (NASDAQ:FUTU) by 27.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 18,944 shares of the company’s stock after selling 7,310 shares during the quarter. E Fund Management Co. Ltd.’s holdings in Futu were worth $1,035,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in FUTU. Signaturefd LLC grew its stake in Futu by 12.2% during the third quarter. Signaturefd LLC now owns 2,615 shares of the company’s stock valued at $151,000 after acquiring an additional 285 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Futu by 14.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,971 shares of the company’s stock valued at $172,000 after acquiring an additional 370 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Futu by 4.3% during the third quarter. Principal Financial Group Inc. now owns 18,532 shares of the company’s stock worth $1,071,000 after purchasing an additional 757 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Futu by 6.2% in the fourth quarter. Russell Investments Group Ltd. now owns 12,938 shares of the company’s stock worth $707,000 after purchasing an additional 758 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in Futu by 0.6% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 124,898 shares of the company’s stock valued at $6,823,000 after purchasing an additional 763 shares in the last quarter.

Futu Trading Down 2.9 %

Shares of FUTU traded down $2.05 on Wednesday, reaching $69.02. The stock had a trading volume of 1,844,410 shares, compared to its average volume of 1,537,552. The company has a 50-day simple moving average of $58.69 and a 200-day simple moving average of $54.90. Futu Holdings Limited has a 12-month low of $35.91 and a 12-month high of $75.25.

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

Wall Street Analyst Weigh In

A number of research analysts recently commented on FUTU shares. Citigroup reduced their target price on Futu from $76.90 to $75.30 and set a “buy” rating on the stock in a research note on Friday, March 15th. CLSA upgraded shares of Futu from an “underperform” rating to an “outperform” rating and boosted their price objective for the company from $50.00 to $65.00 in a research report on Monday, March 18th. Finally, JPMorgan Chase & Co. cut Futu from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $64.00 to $62.00 in a research note on Friday, March 15th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average 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.