KLP Kapitalforvaltning AS Acquires New Shares in Futu Holdings Limited (NASDAQ:FUTU)

KLP Kapitalforvaltning AS acquired a new position in Futu Holdings Limited (NASDAQ:FUTU) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 26,700 shares of the company’s stock, valued at approximately $2,189,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC grew its holdings in shares of Futu by 1,245.5% during 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 period. Rakuten Securities Inc. lifted its position in Futu by 239.8% in the fourth quarter. Rakuten Securities Inc. now owns 683 shares of the company’s stock valued at $55,000 after buying an additional 482 shares during the last quarter. Assetmark Inc. boosted its stake in Futu by 15,200.0% during the fourth quarter. Assetmark Inc. now owns 765 shares of the company’s stock worth $61,000 after buying an additional 760 shares during the period. GAMMA Investing LLC increased its position in shares of Futu by 31.0% during the fourth quarter. GAMMA Investing LLC now owns 778 shares of the company’s stock valued at $62,000 after acquiring an additional 184 shares during the last quarter. Finally, Vestcor Inc increased its position in shares of Futu by 19.2% during the fourth quarter. Vestcor Inc now owns 907 shares of the company’s stock valued at $73,000 after acquiring an additional 146 shares during the last quarter.

Futu Stock Performance

NASDAQ FUTU opened at $109.68 on Friday. Futu Holdings Limited has a one year low of $51.80 and a one year high of $130.88. The firm has a 50 day simple moving average of $107.20 and a 200-day simple moving average of $94.10. The firm has a market cap of $15.11 billion, a price-to-earnings ratio of 26.88, a PEG ratio of 0.79 and a beta of 0.78.

Wall Street Analysts Forecast Growth

FUTU has been the topic of several recent analyst reports. UBS Group upped their price objective on shares of Futu from $130.00 to $136.00 and gave the stock a “buy” rating in a report on Monday, March 17th. JPMorgan Chase & Co. raised their price target on Futu from $160.00 to $170.00 and gave the stock an “overweight” rating in a research report on Friday, March 14th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $121.20.

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.