Wellington Management Group LLP Sells 29,952 Shares of Futu Holdings Limited Sponsored ADR $FUTU

Key Points

• Wellington Management cut its Futu stake by 71.3% in the second quarter, selling 29,952 shares and retaining 12,036 shares valued at approximately $1.13 million.
• Futu reported quarterly results above expectations, with EPS of $3.33 versus the $2.98 consensus and revenue of $852.66 million compared with estimates of $786.07 million.
• Analyst sentiment remains cautious: Futu has a consensus “Hold” rating from MarketBeat, with an average price target of $139.91, while shares recently opened at $112.73.

Wellington Management Group LLP reduced its stake in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 71.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,036 shares of the company's stock after selling 29,952 shares during the quarter. Wellington Management Group LLP's holdings in Futu were worth $1,128,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. V Square Quantitative Management LLC acquired a new stake in shares of Futu in the 1st quarter valued at $25,000. Geneos Wealth Management Inc. acquired a new stake in shares of Futu during the 1st quarter worth about $27,000. Rockefeller Capital Management L.P. increased its position in shares of Futu by 59.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 226 shares of the company's stock worth $37,000 after purchasing an additional 84 shares in the last quarter. Hilton Head Capital Partners LLC bought a new position in Futu during the 4th quarter valued at about $49,000. Finally, Parkside Financial Bank & Trust lifted its holdings in Futu by 30,000.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 301 shares of the company's stock valued at $49,000 after purchasing an additional 300 shares during the last quarter.

Futu Stock Down 0.7%

Futu stock opened at $112.73 on Friday. The stock has a 50-day simple moving average of $108.52 and a 200 day simple moving average of $122.76. The stock has a market capitalization of $15.80 billion, a price-to-earnings ratio of 11.16, a P/E/G ratio of 1.26 and a beta of 0.46. Futu Holdings Limited Sponsored ADR has a 12-month low of $80.50 and a 12-month high of $202.53.

• Futu Holdings NASDAQ: FUTU Stock: Is the Chinese Fintech Company a Buy?

Futu (NASDAQ:FUTU - Get Free Report) last issued its quarterly earnings data on Thursday, August 20th. The company reported $3.33 EPS for the quarter, topping analysts' consensus estimates of $2.98 by $0.35. The firm had revenue of $852.66 million for the quarter, compared to analyst estimates of $786.07 million. Futu had a net margin of 42.95% and a return on equity of 28.20%. As a group, sell-side analysts anticipate that Futu Holdings Limited Sponsored ADR will post 9.45 EPS for the current year.

Analyst Ratings Changes

FUTU has been the topic of several research analyst reports. The Goldman Sachs Group cut shares of Futu from a "buy" rating to a "neutral" rating and set a $102.13 price objective on the stock. in a research note on Monday, May 25th. Wall Street Zen upgraded shares of Futu from a "sell" rating to a "hold" rating in a research note on Saturday, August 22nd. Zacks Research raised Futu from a "strong sell" rating to a "hold" rating in a report on Monday, July 27th. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $87.00 target price (down from $300.00) on shares of Futu in a report on Friday, May 22nd. Finally, Jefferies Financial Group restated a "buy" rating and set a $170.50 price target on shares of Futu in a research report on Thursday, May 28th. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $139.91.

About Futu

Futu Holdings Limited is a financial technology company that operates online brokerage and wealth-management platforms. Founded in 2012 and headquartered in Hong Kong, the company provides digital tools that allow individual investors to trade securities and manage investments through mobile and web applications.

Through its Futu and Moomoo platforms, the company offers access to products such as stocks, exchange-traded funds, options and futures, subject to the regulations of the relevant markets.

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