Veritas Asset Management LLP Takes $39.55 Million Position in Futu Holdings Limited (NASDAQ:FUTU)

Veritas Asset Management LLP acquired a new position in Futu Holdings Limited (NASDAQ:FUTU - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 413,459 shares of the company's stock, valued at approximately $39,547,000. Futu accounts for approximately 0.3% of Veritas Asset Management LLP's investment portfolio, making the stock its 18th biggest holding. Veritas Asset Management LLP owned about 0.30% of Futu at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FUTU. Marshall Wace LLP boosted its stake in Futu by 71.5% during the second quarter. Marshall Wace LLP now owns 1,521,314 shares of the company's stock valued at $99,813,000 after buying an additional 634,369 shares in the last quarter. E Fund Management Co. Ltd. acquired a new position in shares of Futu in the 2nd quarter worth approximately $31,490,000. Yong Rong HK Asset Management Ltd lifted its stake in Futu by 2,525.3% during the third quarter. Yong Rong HK Asset Management Ltd now owns 393,800 shares of the company's stock valued at $37,667,000 after purchasing an additional 378,800 shares during the last quarter. National Bank of Canada FI boosted its holdings in Futu by 3,253,333.3% during the second quarter. National Bank of Canada FI now owns 292,809 shares of the company's stock worth $18,790,000 after buying an additional 292,800 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of Futu by 1,159.9% in the second quarter. Renaissance Technologies LLC now owns 292,300 shares of the company's stock valued at $19,176,000 after buying an additional 269,100 shares in the last quarter.

Futu Stock Performance

NASDAQ:FUTU traded up $0.09 during trading hours on Friday, hitting $95.08. 2,153,147 shares of the company's stock traded hands, compared to its average volume of 6,088,882. Futu Holdings Limited has a twelve month low of $43.61 and a twelve month high of $130.50. The stock's fifty day moving average price is $82.99 and its two-hundred day moving average price is $72.72. The firm has a market cap of $13.10 billion, a P/E ratio of 24.57, a P/E/G ratio of 0.99 and a beta of 0.75.

Futu (NASDAQ:FUTU - Get Free Report) last posted its quarterly earnings results on Tuesday, August 20th. The company reported $1.11 earnings per share for the quarter. The business had revenue of $400.73 million for the quarter. Futu had a net margin of 39.27% and a return on equity of 16.77%. On average, equities research analysts predict that Futu Holdings Limited will post 4.75 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Bank of America lifted their price target on Futu from $80.20 to $90.00 and gave the stock a "buy" rating in a research note on Friday, September 27th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Futu presently has a consensus rating of "Moderate Buy" and a consensus target price of $72.97.

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.