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

CIBC Asset Management Inc lifted its holdings in shares of Futu Holdings Limited (NASDAQ:FUTU) by 12.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 6,089 shares of the company’s stock after purchasing an additional 686 shares during the period. CIBC Asset Management Inc’s holdings in Futu were worth $487,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the business. Csenge Advisory Group purchased a new stake in Futu in the 4th quarter worth approximately $422,000. Rhumbline Advisers lifted its position in shares of Futu by 0.6% in the 4th quarter. Rhumbline Advisers now owns 23,023 shares of the company’s stock worth $1,842,000 after purchasing an additional 144 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Futu by 38.6% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 6,817 shares of the company’s stock valued at $545,000 after purchasing an additional 1,897 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in Futu by 183.6% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 333,401 shares of the company’s stock worth $26,669,000 after buying an additional 215,840 shares in the last quarter. Finally, WT Asset Management Ltd lifted its holdings in Futu by 899.8% in the fourth quarter. WT Asset Management Ltd now owns 149,977 shares of the company’s stock worth $11,997,000 after buying an additional 134,977 shares during the period.

Futu Stock Performance

NASDAQ FUTU opened at $121.40 on Monday. The company has a market cap of $16.73 billion, a PE ratio of 29.75, a P/E/G ratio of 0.79 and a beta of 0.76. Futu Holdings Limited has a 52-week low of $49.63 and a 52-week high of $130.88. The firm’s 50 day moving average price is $93.05 and its 200-day moving average price is $86.12.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FUTU. Citigroup lowered shares of Futu from a “buy” rating to a “neutral” rating and increased their price target for the stock from $79.00 to $95.00 in a research note on Tuesday, November 19th. Morgan Stanley upgraded Futu from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $70.00 to $115.00 in a report on Monday, November 18th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Futu currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.40.

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.