E Fund Management Co. Ltd. Sells 172,082 Shares of Futu Holdings Limited (NASDAQ:FUTU)

E Fund Management Co. Ltd. decreased its position in shares of Futu Holdings Limited (NASDAQ:FUTU) by 34.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 331,749 shares of the company’s stock after selling 172,082 shares during the quarter. Futu makes up 1.3% of E Fund Management Co. Ltd.’s investment portfolio, making the stock its 14th largest position. E Fund Management Co. Ltd. owned approximately 0.24% of Futu worth $26,537,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Smartleaf Asset Management LLC lifted its holdings in 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 in the last quarter. Assetmark Inc. lifted its holdings in Futu by 15,200.0% during the 4th quarter. Assetmark Inc. now owns 765 shares of the company’s stock worth $61,000 after purchasing an additional 760 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Futu by 31.0% during the 4th quarter. GAMMA Investing LLC now owns 778 shares of the company’s stock worth $62,000 after purchasing an additional 184 shares in the last quarter. Venturi Wealth Management LLC purchased a new stake in Futu during the 3rd quarter worth about $92,000. Finally, SBI Securities Co. Ltd. purchased a new stake in Futu during the 4th quarter worth about $120,000.

Analysts Set New Price Targets

FUTU has been the topic of a number of recent research reports. Citigroup cut 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. Morgan Stanley raised 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. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Futu has a consensus rating of “Moderate Buy” and a consensus target price of $91.40.

Futu Trading Up 11.9 %

Shares of NASDAQ FUTU opened at $121.09 on Thursday. The stock has a market cap of $16.69 billion, a price-to-earnings ratio of 29.68, a P/E/G ratio of 0.79 and a beta of 0.78. Futu Holdings Limited has a 1-year low of $51.80 and a 1-year high of $130.88. The stock’s 50-day moving average is $97.10 and its 200 day moving average is $88.75.

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.