Assetmark Inc. Raises Position in Futu Holdings Limited (NASDAQ:FUTU)

Assetmark Inc. raised its holdings in Futu Holdings Limited (NASDAQ:FUTU) by 15,200.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 765 shares of the company’s stock after acquiring an additional 760 shares during the quarter. Assetmark Inc.’s holdings in Futu were worth $61,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FUTU. Rhumbline Advisers raised its holdings in shares of Futu by 0.6% in the 4th quarter. Rhumbline Advisers now owns 23,023 shares of the company’s stock valued at $1,842,000 after purchasing an additional 144 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Futu by 31.0% in the 4th quarter. GAMMA Investing LLC now owns 778 shares of the company’s stock valued at $62,000 after purchasing an additional 184 shares in the last quarter. CIBC Asset Management Inc raised its holdings in shares of Futu by 4.3% in the 3rd quarter. CIBC Asset Management Inc now owns 5,403 shares of the company’s stock valued at $517,000 after purchasing an additional 222 shares in the last quarter. Sompo Asset Management Co. Ltd. raised its holdings in shares of Futu by 3.7% in the 3rd quarter. Sompo Asset Management Co. Ltd. now owns 11,360 shares of the company’s stock valued at $1,087,000 after purchasing an additional 410 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Futu by 1,245.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 444 shares of the company’s stock valued at $36,000 after purchasing an additional 411 shares in the last quarter.

Futu Stock Performance

Futu stock opened at $118.47 on Friday. Futu Holdings Limited has a one year low of $51.80 and a one year high of $130.88. The business has a fifty day moving average of $101.39 and a two-hundred day moving average of $91.20. The company has a market cap of $16.32 billion, a P/E ratio of 29.04, a price-to-earnings-growth ratio of 0.79 and a beta of 0.78.

Wall Street Analysts Forecast Growth

FUTU has been the topic of a number of analyst reports. Morgan Stanley upgraded shares of Futu from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $70.00 to $115.00 in a report on Monday, November 18th. JPMorgan Chase & Co. boosted their price target on shares of Futu from $160.00 to $170.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Citigroup cut shares of Futu from a “buy” rating to a “neutral” rating and boosted their price target for the company from $79.00 to $95.00 in a research report on Tuesday, November 19th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Futu presently has a consensus rating of “Moderate Buy” and a consensus target price of $107.00.

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.