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

Veritas Asset Management LLP lowered its holdings in shares of Futu Holdings Limited (NASDAQ:FUTU) by 27.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 301,644 shares of the company’s stock after selling 111,815 shares during the period. Futu comprises about 0.2% of Veritas Asset Management LLP’s investment portfolio, making the stock its 19th biggest position. Veritas Asset Management LLP owned 0.22% of Futu worth $24,129,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its position in Futu by 4.6% during 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 buying an additional 3,968 shares during the period. New York State Common Retirement Fund purchased a new stake in Futu during the 4th quarter valued at $2,436,000. GAM Holding AG purchased a new stake in Futu during the 4th quarter valued at $480,000. CIBC Asset Management Inc lifted its position in shares of Futu by 12.7% in the 4th quarter. CIBC Asset Management Inc now owns 6,089 shares of the company’s stock worth $487,000 after purchasing an additional 686 shares during the period. Finally, Csenge Advisory Group purchased a new stake in shares of Futu in the 4th quarter worth about $422,000.

Futu Trading Down 9.2 %

FUTU opened at $110.28 on Tuesday. The company has a market cap of $15.20 billion, a price-to-earnings ratio of 27.03, a PEG ratio of 0.79 and a beta of 0.76. The company’s 50 day moving average is $93.60 and its 200 day moving average is $86.49. Futu Holdings Limited has a 12-month low of $50.07 and a 12-month high of $130.88.

Analyst Ratings Changes

Several research firms have recently commented on FUTU. Citigroup cut shares of Futu from a “buy” rating to a “neutral” rating and raised their target price for the stock from $79.00 to $95.00 in a research report on Tuesday, November 19th. Morgan Stanley raised shares of Futu from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $70.00 to $115.00 in a research report on Monday, November 18th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $91.40.

Futu 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.