Veritas Asset Management LLP Sells 111,815 Shares of Futu Holdings Limited (NASDAQ:FUTU)

Veritas Asset Management LLP decreased its position in shares of Futu Holdings Limited (NASDAQ:FUTU) by 27.0% during the fourth quarter, HoldingsChannel reports. The fund owned 301,644 shares of the company’s stock after selling 111,815 shares during the quarter. Futu accounts for approximately 0.2% of Veritas Asset Management LLP’s investment portfolio, making the stock its 19th largest holding. Veritas Asset Management LLP’s holdings in Futu were worth $24,129,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in FUTU. GAMMA Investing LLC grew its holdings in shares of Futu by 31.0% in the fourth quarter. GAMMA Investing LLC now owns 778 shares of the company’s stock worth $62,000 after purchasing an additional 184 shares during the last quarter. CWM LLC grew its holdings in shares of Futu by 67.7% in the third quarter. CWM LLC now owns 743 shares of the company’s stock worth $71,000 after purchasing an additional 300 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Futu by 14.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 877 shares of the company’s stock worth $84,000 after purchasing an additional 112 shares during the last quarter. Venturi Wealth Management LLC purchased a new stake in Futu in the third quarter worth about $92,000. Finally, Janus Henderson Group PLC purchased a new stake in Futu in the third quarter worth about $201,000.

Futu Trading Down 9.2 %

Shares of NASDAQ:FUTU opened at $110.28 on Tuesday. Futu Holdings Limited has a twelve month low of $50.07 and a twelve month high of $130.88. The company’s 50 day moving average is $93.60 and its 200 day moving average is $86.49. The company has a market cap of $15.20 billion, a PE ratio of 27.03, a price-to-earnings-growth ratio of 0.79 and a beta of 0.76.

Analysts Set New Price Targets

FUTU has been the subject of a number of research reports. Morgan Stanley raised shares of Futu from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $70.00 to $115.00 in a research note on Monday, November 18th. Citigroup lowered shares of Futu from a “buy” rating to a “neutral” rating and increased their price target for the company from $79.00 to $95.00 in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Futu currently has a consensus rating of “Moderate Buy” and an average target price of $91.40.

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.