Valliance Asset Management Ltd Purchases Shares of 10,000 Futu Holdings Limited (NASDAQ:FUTU)

Valliance Asset Management Ltd acquired a new position in shares of Futu Holdings Limited (NASDAQ:FUTU) in the 3rd quarter, Holdings Channel reports. The fund acquired 10,000 shares of the company’s stock, valued at approximately $956,000. Futu makes up about 1.2% of Valliance Asset Management Ltd’s portfolio, making the stock its 6th biggest holding.

Several other large investors have also modified their holdings of FUTU. Asset Management One Co. Ltd. boosted its position in shares of Futu by 10.4% in the 3rd quarter. Asset Management One Co. Ltd. now owns 29,592 shares of the company’s stock valued at $2,830,000 after purchasing an additional 2,776 shares during the period. Veritas Asset Management LLP purchased a new stake in Futu in the third quarter valued at approximately $39,547,000. Janney Montgomery Scott LLC boosted its holdings in shares of Futu by 20.1% in the third quarter. Janney Montgomery Scott LLC now owns 9,841 shares of the company’s stock valued at $941,000 after acquiring an additional 1,650 shares during the period. Yong Rong HK Asset Management Ltd boosted its holdings in shares of Futu by 2,525.3% in the third quarter. Yong Rong HK Asset Management Ltd now owns 393,800 shares of the company’s stock valued at $37,667,000 after acquiring an additional 378,800 shares during the period. Finally, WT Asset Management Ltd purchased a new position in shares of Futu during the third quarter worth approximately $1,435,000.

Analyst Ratings Changes

Separately, Bank of America increased their price target on shares of Futu from $80.20 to $90.00 and gave the stock a “buy” rating in a research note on Friday, September 27th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Futu currently has an average rating of “Moderate Buy” and an average target price of $72.97.

Futu Price Performance

NASDAQ:FUTU opened at $108.66 on Friday. The firm has a market cap of $14.97 billion, a price-to-earnings ratio of 28.34, a price-to-earnings-growth ratio of 1.01 and a beta of 0.75. Futu Holdings Limited has a 1-year low of $43.61 and a 1-year high of $130.50. The firm’s fifty day moving average price is $85.21 and its 200 day moving average price is $73.49.

Futu (NASDAQ:FUTU) last released its earnings results on Tuesday, August 20th. The company reported $1.11 EPS for the quarter. The company had revenue of $400.73 million during the quarter. Futu had a return on equity of 16.77% and a net margin of 39.27%. As a group, analysts expect that Futu Holdings Limited will post 4.75 earnings per share for the current fiscal year.

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.