QRG Capital Management Inc. Cuts Holdings in Futu Holdings Limited (NASDAQ:FUTU)

QRG Capital Management Inc. lessened its position in shares of Futu Holdings Limited (NASDAQ:FUTU) by 45.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,707 shares of the company’s stock after selling 5,679 shares during the period. QRG Capital Management Inc.’s holdings in Futu were worth $536,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FUTU. Bank of New York Mellon Corp lifted its stake in shares of Futu by 4.6% in the 4th quarter. Bank of New York Mellon Corp now owns 90,267 shares of the company’s stock valued at $7,220,000 after purchasing an additional 3,968 shares in the last quarter. New York State Common Retirement Fund acquired a new position in Futu during the fourth quarter valued at approximately $2,436,000. GAM Holding AG purchased a new stake in Futu during the fourth quarter worth approximately $480,000. CIBC Asset Management Inc increased its position in shares of Futu by 12.7% in the fourth quarter. CIBC Asset Management Inc now owns 6,089 shares of the company’s stock worth $487,000 after acquiring an additional 686 shares in the last quarter. Finally, Csenge Advisory Group purchased a new position in shares of Futu in the 4th quarter valued at $422,000.

Futu Trading Up 4.3 %

FUTU opened at $108.18 on Wednesday. Futu Holdings Limited has a twelve month low of $51.80 and a twelve month high of $130.88. The firm has a market cap of $14.91 billion, a price-to-earnings ratio of 26.51, a PEG ratio of 0.79 and a beta of 0.76. The company has a fifty day simple moving average of $96.42 and a 200 day simple moving average of $88.52.

Analyst Ratings Changes

A number of analysts recently weighed in on FUTU shares. Citigroup cut shares of Futu from a “buy” rating to a “neutral” rating and upped their price target for the stock from $79.00 to $95.00 in a research report on Tuesday, November 19th. Morgan Stanley raised Futu from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $70.00 to $115.00 in a research report on Monday, November 18th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.40.

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.