Polymer Capital Management HK LTD Trims Position in Futu Holdings Limited (NASDAQ:FUTU)

Polymer Capital Management HK LTD cut its stake in Futu Holdings Limited (NASDAQ:FUTU - Free Report) by 31.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 151,685 shares of the company's stock after selling 68,783 shares during the quarter. Futu comprises about 2.1% of Polymer Capital Management HK LTD's holdings, making the stock its 10th largest position. Polymer Capital Management HK LTD owned 0.11% of Futu worth $12,133,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Russell Investments Group Ltd. boosted its holdings in Futu by 251.9% in the 4th quarter. Russell Investments Group Ltd. now owns 27,697 shares of the company's stock valued at $2,216,000 after purchasing an additional 19,826 shares during the period. Envestnet Asset Management Inc. bought a new stake in Futu during the fourth quarter valued at $1,158,000. Hel Ved Capital Management Ltd purchased a new position in Futu during the fourth quarter worth about $12,398,000. Resona Asset Management Co. Ltd. purchased a new position in Futu during the fourth quarter worth about $1,228,000. Finally, Geode Capital Management LLC increased its stake in Futu by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 567,635 shares of the company's stock worth $44,890,000 after acquiring an additional 21,686 shares during the last quarter.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FUTU. UBS Group boosted their price objective on Futu from $130.00 to $136.00 and gave the stock a "buy" rating in a report on Monday, March 17th. JPMorgan Chase & Co. lifted their target price on shares of Futu from $160.00 to $170.00 and gave the company an "overweight" rating in a research report on Friday, March 14th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $121.20.

Futu Price Performance

NASDAQ FUTU traded up $3.21 on Friday, reaching $78.02. 3,130,701 shares of the company's stock traded hands, compared to its average volume of 2,757,050. The stock has a market cap of $10.75 billion, a PE ratio of 19.11, a P/E/G ratio of 0.79 and a beta of 0.67. Futu Holdings Limited has a 12 month low of $51.80 and a 12 month high of $130.88. The stock has a 50-day simple moving average of $105.86 and a 200 day simple moving average of $96.28.

About Futu

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.