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Several Tailwinds Pushed Interactive Brokers Group (IBKR) Stock Higher

Soumya Eswaran
·2-min read

TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” first-quarter investor letter. A copy of the letter can be downloaded here. The first quarter's performance for US small to mid-cap stocks was barbelled. In the first quarter, the strategy returned 10.16% (gross) and 9.95% (net) while the Russell Midcap Growth Index returned 9.50%. In addition, please check the fund’s top five holdings to know its best picks in 2024.

TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like Interactive Brokers Group, Inc. (NASDAQ:IBKR), in the first quarter 2024 investor letter. Founded in 1977, Interactive Brokers Group, Inc. (NASDAQ:IBKR) is an automated electronic broker. The one-month return of Interactive Brokers Group, Inc. (NASDAQ:IBKR) was -2.17%, and its shares gained 48.06% of their value over the last 52 weeks. On June 27, 2024, Interactive Brokers Group, Inc. (NASDAQ:IBKR) stock closed at $122.99 per share with a market capitalization of $51.789 billion.

TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Interactive Brokers Group, Inc. (NASDAQ:IBKR) in its first quarter 2024 investor letter:

"Climbing by 35% was Interactive Brokers Group, Inc. (NASDAQ:IBKR) which offers automated, low-cost securities brokerage services for global retail investors. The company reported steady growth in the number of clients, daily average revenue trades, and asset levels for client margins or credit accounts. Interactive Brokers also benefited from the view that interest rates might not fall as quickly as previously expected (and thus provide better interest spreads for the company), and we trimmed our position as it rose."

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Interactive Brokers Group, Inc. (NASDAQ:IBKR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held Interactive Brokers Group, Inc. (NASDAQ:IBKR) at the end of the first quarter which was 45 in the previous quarter. While we acknowledge the potential of Interactive Brokers Group, Inc. (NASDAQ:IBKR) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

We discussed Interactive Brokers Group, Inc. (NASDAQ:IBKR) in another article and shared the list of best alternatives to E*TRADE. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.