Polymer Capital Management HK LTD Sells 68,783 Shares of Futu Holdings Limited (NASDAQ:FUTU)

Polymer Capital Management HK LTD lessened its holdings in shares of Futu Holdings Limited (NASDAQ:FUTU) by 31.2% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 151,685 shares of the company’s stock after selling 68,783 shares during the quarter. Futu comprises approximately 2.1% of Polymer Capital Management HK LTD’s holdings, making the stock its 10th largest position. Polymer Capital Management HK LTD owned approximately 0.11% of Futu worth $12,133,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its stake in shares of Futu by 19.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 56,669 shares of the company’s stock valued at $5,420,000 after acquiring an additional 9,221 shares during the period. HighTower Advisors LLC acquired a new position in shares of Futu during the 3rd quarter valued at $277,000. Janus Henderson Group PLC bought a new position in Futu during the third quarter valued at about $201,000. Quantinno Capital Management LP raised its position in Futu by 130.9% in the third quarter. Quantinno Capital Management LP now owns 28,134 shares of the company’s stock worth $2,691,000 after acquiring an additional 15,949 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd raised its holdings in shares of Futu by 136.9% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 42,149 shares of the company’s stock worth $4,032,000 after purchasing an additional 24,355 shares in the last quarter.

Futu Stock Performance

FUTU stock opened at $83.51 on Friday. The stock has a market cap of $11.51 billion, a P/E ratio of 20.47, a P/E/G ratio of 0.79 and a beta of 0.67. The firm has a 50 day simple moving average of $108.17 and a 200 day simple moving average of $96.04. Futu Holdings Limited has a 52 week low of $51.80 and a 52 week high of $130.88.

Wall Street Analyst Weigh In

FUTU has been the subject of a number of recent research reports. UBS Group increased their price objective on Futu from $130.00 to $136.00 and gave the company a “buy” rating in a research report on Monday, March 17th. JPMorgan Chase & Co. boosted their price objective on Futu from $160.00 to $170.00 and gave the stock an “overweight” rating in a report on Friday, March 14th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $121.20.

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.