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

Sparta 24 Ltd. bought a new position in Futu Holdings Limited (NASDAQ:FUTU) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 27,529 shares of the company’s stock, valued at approximately $1,806,000. Futu comprises 1.6% of Sparta 24 Ltd.’s portfolio, making the stock its 13th largest holding.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Prudential PLC raised its stake in shares of Futu by 23.2% in the fourth quarter. Prudential PLC now owns 597,476 shares of the company’s stock worth $32,640,000 after purchasing an additional 112,497 shares during the last quarter. HCEP Management Ltd lifted its stake in Futu by 37.7% during the 4th quarter. HCEP Management Ltd now owns 400,000 shares of the company’s stock valued at $21,852,000 after acquiring an additional 109,499 shares in the last quarter. National Bank of Canada FI boosted its holdings in Futu by 3,253,333.3% during the 2nd quarter. National Bank of Canada FI now owns 292,809 shares of the company’s stock worth $18,790,000 after acquiring an additional 292,800 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in Futu by 5,492.5% during the 2nd quarter. Acadian Asset Management LLC now owns 265,869 shares of the company’s stock worth $17,419,000 after acquiring an additional 261,115 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Futu in the 4th quarter worth $11,472,000.

Wall Street Analyst Weigh In

FUTU has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised shares of 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 boosted their target price on Futu from $77.60 to $80.20 and gave the stock a “buy” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Futu presently has an average rating of “Moderate Buy” and an average target price of $71.57.

Futu Stock Up 0.8 %

FUTU opened at $59.18 on Tuesday. The company’s 50-day moving average price is $62.35 and its two-hundred day moving average price is $63.60. Futu Holdings Limited has a twelve month low of $43.61 and a twelve month high of $81.86. The stock 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.

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.