Sparta 24 Ltd. Invests $1.81 Million in Futu Holdings Limited (NASDAQ:FUTU)

Sparta 24 Ltd. purchased a new position in Futu Holdings Limited (NASDAQ:FUTU) during the 2nd quarter, HoldingsChannel reports. The fund purchased 27,529 shares of the company’s stock, valued at approximately $1,806,000. Futu accounts for 1.6% of Sparta 24 Ltd.’s holdings, making the stock its 13th largest position.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Russell Investments Group Ltd. raised its holdings in shares of Futu by 6.2% in the 4th quarter. Russell Investments Group Ltd. now owns 12,938 shares of the company’s stock valued at $707,000 after acquiring an additional 758 shares in the last quarter. Teacher Retirement System of Texas grew its stake in Futu by 422.4% in the 4th quarter. Teacher Retirement System of Texas now owns 56,323 shares of the company’s stock worth $3,077,000 after buying an additional 45,542 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Futu by 81.8% in the 4th quarter. BNP Paribas Financial Markets now owns 94,299 shares of the company’s stock worth $5,152,000 after buying an additional 42,418 shares during the last quarter. QRG Capital Management Inc. raised its position in shares of Futu by 170.1% during the 4th quarter. QRG Capital Management Inc. now owns 11,211 shares of the company’s stock valued at $612,000 after buying an additional 7,061 shares in the last quarter. Finally, Boston Partners bought a new stake in shares of Futu during the 4th quarter worth $3,569,000.

Analyst Ratings Changes

A number of research firms have weighed in on FUTU. JPMorgan Chase & Co. upgraded Futu from a “neutral” rating to an “overweight” rating and raised their price target for the company from $62.00 to $92.00 in a research report on Tuesday, May 28th. Bank of America raised their price objective on Futu from $77.60 to $80.20 and gave the company a “buy” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $71.57.

Futu Stock Up 0.8 %

Shares of NASDAQ FUTU opened at $59.18 on Tuesday. The company has a market cap of $8.15 billion, a price-to-earnings ratio of 15.66, a PEG ratio of 0.91 and a beta of 0.72. The firm’s fifty day moving average is $62.35 and its 200 day moving average is $63.60. Futu Holdings Limited has a 52 week low of $43.61 and a 52 week high of $81.86.

Futu Company 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.