Renaissance Technologies LLC recently announced the acquisition of new stake in Futu Holdings Limited (NASDAQ:FUTU). The institutional investor has increased its shareholding in the Financial company by 791.70% to 1.7 million shares with purchase of 1.51 million shares. This fresh investment now brings its stake to 1.85% valued currently at $83.55 million. In addition, SSgA Funds Management, Inc. raised its holdings by 55698.0 to 1.1 million shares. And Morgan Stanley & Co. LLC has lifted its position by 53.47% or 0.36 million shares – to 1.04 million shares.
With over 2.26 million Futu Holdings Limited (FUTU) shares trading Monday and a closing price of $46.05 on the day, the dollar volume was approximately $104.17 million. The shares have shown a negative half year performance of -0.80% and its price on 03/13/23 gained nearly 1.59%. Currently, there are 140.61M common shares owned by the public and among those 84.23M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 22 analysts who have offered their price forecasts for FUTU have a consensus price objective of $471.62. The analysts have set the share’s price value over the next 12 months at a high of $761.89 and a low of $210.73. The average price target is 23.06% above its recent price level and an upside to the estimated low will see the stock gain 78.15% over that period. But an upside of 93.96% will see the stock hit the forecast high price target while median target price for the stock is $477.85.
The top 3 mutual fund holders in Futu Holdings Limited are American Funds EuroPacific Growth, American Funds Insurance Series -, and iShares Tr. – Core MSCI EAFE ETF. American Funds EuroPacific Growth owns 2.08 million shares of the company’s stock, all valued at over $102.19 million. The company sold -1.1 million shares recently to bring their total holdings to about 2.27% of the shares outstanding. American Funds Insurance Series – sold -0.1 million shares to see its total holdings shrink to 0.38 million shares valued at over $18.5 million and representing 0.41% of the shares outstanding. iShares Tr. – Core MSCI EAFE ETF now owns shares totaling to 0.35% of the shares outstanding.
Shares of Futu Holdings Limited (NASDAQ: FUTU) opened at $45.00, down -$0.33 from a prior closing price of $45.33. However, the script later moved the day high at 46.71, up 1.59%. The company’s stock has a 5-day price change of -6.76% and -32.22% over the past three months. FUTU shares are trading 13.28% year to date (YTD), with the 12-month market performance up to 63.24% higher. It has a 12-month low price of $21.23 and touched a high of $72.20 over the same period. FUTU has an average intraday trading volume of 3.33 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -3.81%, -6.32%, and -1.07% respectively.
Institutional ownership of Futu Holdings Limited (NASDAQ: FUTU) shares accounts for 35.40% of the company’s 140.61M shares outstanding. Mutual fund holders own 21.76%, while other institutional holders and individual stakeholders account for 7.40% and — respectively.
It has a market capitalization of $7.20B and a beta (3y monthly) value of 0.81. The stock’s trailing 12-month PE ratio is 21.48, while the earnings-per-share (ttm) stands at $2.14. The company has a PEG of 13.68 and a Quick Ratio of 1.20 with the debt-to-equity ratio at 0.32. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.63% over the week and 5.08% over the month.
Analysts forecast that Futu Holdings Limited (FUTU) will achieve an EPS of $0.7 for the current quarter, $0.72 for the next quarter and $3.2 for 2023. The lowest estimate earnings-per-share for the quarter is $0.7 while analysts give the company a high EPS estimate of $0.7. Comparatively, EPS for the current quarter was $0.53 a year ago. Earnings per share for the fiscal year are expected to increase by 82.50%, and 23.80% over the next financial year. EPS should shrink at an annualized rate of 1.57% over the next five years, compared to 80.60% over the past 5-year period.
Looking at the support for the FUTU, a number of firms have released research notes about the stock. CLSA stated their Underperform rating for the stock in a research note on January 03, 2023, with the firm’s price target at $43. BofA Securities coverage for the Futu Holdings Limited (FUTU) stock in a research note released on December 30, 2022 offered a Underperform rating with a price target of $27. Credit Suisse was of a view on December 16, 2022 that the stock is Neutral, while JP Morgan gave the stock Overweight rating on September 01, 2022, issuing a price target of $55- $62. CLSA on their part issued Underperform rating on September 01, 2022.
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