Nikko Asset Management Americas Inc. Takes Position in Futu Holdings Limited (NASDAQ:FUTU)

Nikko Asset Management Americas Inc. acquired a new stake in Futu Holdings Limited (NASDAQ:FUTU) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 215,958 shares of the company’s stock, valued at approximately $17,274,000.

A number of other hedge funds also recently made changes to their positions in the business. Smartleaf Asset Management LLC grew 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 worth $36,000 after purchasing an additional 411 shares during the last quarter. Rakuten Securities Inc. grew its holdings in shares of Futu by 239.8% in the 4th quarter. Rakuten Securities Inc. now owns 683 shares of the company’s stock worth $55,000 after purchasing an additional 482 shares during the last quarter. Assetmark Inc. grew its holdings in shares of Futu by 15,200.0% in the 4th quarter. Assetmark Inc. now owns 765 shares of the company’s stock worth $61,000 after purchasing an additional 760 shares during the last quarter. GAMMA Investing LLC grew 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 worth $62,000 after purchasing an additional 184 shares during the last quarter. Finally, Vestcor Inc grew its holdings in shares of Futu by 19.2% in the 4th quarter. Vestcor Inc now owns 907 shares of the company’s stock worth $73,000 after purchasing an additional 146 shares during the last quarter.

Futu Trading Up 10.2 %

Futu stock opened at $118.47 on Monday. Futu Holdings Limited has a 1 year low of $51.80 and a 1 year high of $130.88. The company has a market cap of $16.32 billion, a PE ratio of 29.04, a PEG ratio of 0.79 and a beta of 0.78. The company’s 50-day moving average is $101.39 and its two-hundred day moving average is $91.43.

Analysts Set New Price Targets

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

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.