CIBC Asset Management Inc Increases Position in Futu Holdings Limited (NASDAQ:FUTU)

CIBC Asset Management Inc boosted its holdings in shares of Futu Holdings Limited (NASDAQ:FUTU) by 7.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,181 shares of the company’s stock after purchasing an additional 374 shares during the quarter. CIBC Asset Management Inc’s holdings in Futu were worth $340,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of FUTU. UniSuper Management Pty Ltd raised its stake in shares of Futu by 100.0% during the 1st quarter. UniSuper Management Pty Ltd now owns 800 shares of the company’s stock worth $43,000 after buying an additional 400 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in Futu during the second quarter valued at $50,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Futu in the first quarter valued at about $65,000. Barometer Capital Management Inc. purchased a new stake in shares of Futu during the fourth quarter worth about $120,000. Finally, SG Americas Securities LLC acquired a new position in shares of Futu during the 2nd quarter worth about $123,000.

Futu Price Performance

FUTU opened at $58.69 on Monday. The company’s 50 day simple moving average is $62.45 and its two-hundred day simple moving average is $63.54. Futu Holdings Limited has a 1-year low of $43.61 and a 1-year high of $81.86. The firm has a market capitalization of $8.09 billion, a price-to-earnings ratio of 15.53, a price-to-earnings-growth ratio of 0.98 and a beta of 0.72.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FUTU. Bank of America raised their price target on shares of Futu from $77.60 to $80.20 and gave the company a “buy” rating in a research note on Wednesday, August 21st. JPMorgan Chase & Co. raised shares of Futu from a “neutral” rating to an “overweight” rating and raised their price target for the company from $62.00 to $92.00 in a research note on Tuesday, May 28th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Futu presently has an average rating of “Moderate Buy” and a consensus price target of $71.57.

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.