UP Fintech (NASDAQ:TIGR) Trading Down 5% – Here’s What Happened

UP Fintech Holding Limited (NASDAQ:TIGR)’s share price dropped 5% during mid-day trading on Thursday . The company traded as low as $8.96 and last traded at $9.18. Approximately 2,119,327 shares traded hands during trading, a decline of 67% from the average daily volume of 6,334,942 shares. The stock had previously closed at $9.66.

Analysts Set New Price Targets

TIGR has been the topic of several research reports. Citigroup raised shares of UP Fintech from a “sell” rating to a “neutral” rating and raised their price target for the stock from $5.80 to $9.50 in a research note on Wednesday. Bank of America initiated coverage on shares of UP Fintech in a research note on Monday, March 17th. They issued a “buy” rating on the stock. Finally, Deutsche Bank Aktiengesellschaft started coverage on UP Fintech in a research report on Thursday, January 2nd. They issued a “buy” rating and a $9.40 price target for the company.

UP Fintech Stock Performance

The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The firm has a fifty day moving average price of $7.45 and a 200 day moving average price of $6.62. The firm has a market cap of $1.64 billion, a PE ratio of 44.30 and a beta of 0.87.

UP Fintech (NASDAQ:TIGR) last issued its earnings results on Tuesday, March 18th. The company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.06. UP Fintech had a net margin of 9.14% and a return on equity of 6.09%. The company had revenue of $124.10 million for the quarter, compared to the consensus estimate of $73.60 million.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Marshall Wace LLP raised its position in UP Fintech by 492.4% in the fourth quarter. Marshall Wace LLP now owns 5,599,514 shares of the company’s stock valued at $36,173,000 after purchasing an additional 4,654,351 shares during the period. Two Sigma Investments LP increased its position in shares of UP Fintech by 808.5% during the 4th quarter. Two Sigma Investments LP now owns 1,817,787 shares of the company’s stock worth $11,743,000 after purchasing an additional 1,617,702 shares during the last quarter. Millennium Management LLC raised its holdings in UP Fintech by 2,631.2% in the 4th quarter. Millennium Management LLC now owns 1,620,968 shares of the company’s stock valued at $10,471,000 after buying an additional 1,561,617 shares during the period. Contrarius Group Holdings Ltd acquired a new position in UP Fintech in the fourth quarter valued at about $8,105,000. Finally, Two Sigma Advisers LP boosted its stake in UP Fintech by 841.6% during the fourth quarter. Two Sigma Advisers LP now owns 888,900 shares of the company’s stock worth $5,742,000 after buying an additional 794,500 shares during the period. 9.03% of the stock is currently owned by institutional investors and hedge funds.

About UP Fintech

UP Fintech Holding Limited provides online brokerage services focusing on Chinese investors. The company has developed a brokerage platform, which allows investor to trade stocks, options, warrants, and other financial instruments that can be accessed through its APP and website. It offers brokerage and value-added services, including investor education, community engagement, and IR platform services.