Bank of New York Mellon Corp Lowers Stake in Futu Holdings Limited (NASDAQ:FUTU)

Bank of New York Mellon Corp cut its position in shares of Futu Holdings Limited (NASDAQ:FUTU) by 0.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 91,709 shares of the company’s stock after selling 238 shares during the quarter. Bank of New York Mellon Corp’s holdings in Futu were worth $6,017,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of FUTU. Norges Bank acquired a new stake in shares of Futu in the fourth quarter valued at about $11,472,000. Hsbc Holdings PLC lifted its position in shares of Futu by 889.5% during the fourth quarter. Hsbc Holdings PLC now owns 175,458 shares of the company’s stock worth $9,586,000 after purchasing an additional 197,683 shares in the last quarter. Prudential PLC boosted its stake in shares of Futu by 23.2% in the fourth quarter. Prudential PLC now owns 597,476 shares of the company’s stock valued at $32,640,000 after purchasing an additional 112,497 shares during the period. HCEP Management Ltd boosted its stake in shares of Futu by 37.7% in the fourth quarter. HCEP Management Ltd now owns 400,000 shares of the company’s stock valued at $21,852,000 after purchasing an additional 109,499 shares during the period. Finally, Strategic Global Advisors LLC increased its stake in Futu by 2,725.6% during the 4th quarter. Strategic Global Advisors LLC now owns 113,192 shares of the company’s stock worth $6,184,000 after buying an additional 109,186 shares during the period.

Futu Stock Down 4.4 %

Shares of Futu stock opened at $56.96 on Friday. The business has a 50-day moving average price of $61.78 and a 200 day moving average price of $63.59. Futu Holdings Limited has a fifty-two week low of $43.61 and a fifty-two week high of $81.86. The firm has a market cap of $7.85 billion, a P/E ratio of 15.07, a P/E/G ratio of 0.91 and a beta of 0.72.

Analyst Upgrades and Downgrades

FUTU has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised shares of Futu from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $62.00 to $92.00 in a research report on Tuesday, May 28th. Bank of America raised their price objective on Futu from $77.60 to $80.20 and gave the company a “buy” rating in a research note on Wednesday, August 21st. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Futu currently has an average rating of “Moderate Buy” and an average price target of $71.57.

Futu Company 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.