Citigroup Inc. Boosts Stake in Futu Holdings Limited (NASDAQ:FUTU)

Citigroup Inc. raised its holdings in shares of Futu Holdings Limited (NASDAQ:FUTU) by 31.6% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 215,419 shares of the company’s stock after purchasing an additional 51,765 shares during the quarter. Citigroup Inc.’s holdings in Futu were worth $20,605,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. GAMMA Investing LLC grew its position in Futu by 181.5% in the 3rd quarter. GAMMA Investing LLC now owns 594 shares of the company’s stock valued at $57,000 after acquiring an additional 383 shares during the last quarter. CWM LLC increased its position in shares of Futu by 67.7% during the third quarter. CWM LLC now owns 743 shares of the company’s stock worth $71,000 after acquiring an additional 300 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in shares of Futu during the second quarter valued at approximately $50,000. Venturi Wealth Management LLC purchased a new stake in shares of Futu in the third quarter valued at approximately $92,000. Finally, SG Americas Securities LLC bought a new position in Futu in the second quarter worth approximately $123,000.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on FUTU shares. Citigroup lowered Futu from a “buy” rating to a “neutral” rating and raised their price target for the company from $79.00 to $95.00 in a research note on Tuesday, November 19th. Morgan Stanley raised shares of Futu from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $70.00 to $115.00 in a report on Monday, November 18th. Finally, Bank of America upped their target price on Futu from $80.20 to $90.00 and gave the stock a “buy” rating in a report on Friday, September 27th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Futu has a consensus rating of “Moderate Buy” and an average price target of $87.33.

Futu Trading Down 0.3 %

NASDAQ FUTU opened at $83.76 on Wednesday. The firm’s fifty day simple moving average is $93.90 and its two-hundred day simple moving average is $75.91. The firm has a market capitalization of $11.54 billion, a P/E ratio of 20.53, a P/E/G ratio of 0.86 and a beta of 0.75. Futu Holdings Limited has a 12-month low of $43.61 and a 12-month high of $130.50.

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.