UP Fintech (NASDAQ:TIGR) Shares Down 7.5% – Here’s Why

UP Fintech Holding Limited (NASDAQ:TIGR)’s share price traded down 7.5% on Friday . The stock traded as low as $9.63 and last traded at $9.40. 3,356,248 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 6,105,590 shares. The stock had previously closed at $10.17.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Citigroup raised shares of UP Fintech from a “neutral” rating to a “buy” rating and increased their price target for the company from $9.50 to $14.00 in a research note on Tuesday, July 22nd. Jefferies Financial Group assumed coverage on shares of UP Fintech in a research note on Monday, September 29th. They issued a “buy” rating and a $12.00 price target for the company. Wall Street Zen raised shares of UP Fintech from a “hold” rating to a “buy” rating in a research note on Saturday, August 30th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of UP Fintech in a research note on Wednesday. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $10.75.

UP Fintech Trading Down 11.3%

The firm’s fifty day moving average price is $10.97 and its 200 day moving average price is $9.52. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of 13.88, a price-to-earnings-growth ratio of 0.59 and a beta of 0.55.

Institutional Investors Weigh In On UP Fintech

A number of hedge funds have recently added to or reduced their stakes in the business. Osaic Holdings Inc. lifted its holdings in UP Fintech by 638.4% during the 2nd quarter. Osaic Holdings Inc. now owns 63,279 shares of the company’s stock worth $611,000 after buying an additional 54,709 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in UP Fintech by 96.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 32,918 shares of the company’s stock worth $318,000 after buying an additional 16,141 shares in the last quarter. Man Group plc lifted its holdings in UP Fintech by 532.6% during the 2nd quarter. Man Group plc now owns 748,503 shares of the company’s stock worth $7,223,000 after buying an additional 630,174 shares in the last quarter. Balyasny Asset Management L.P. acquired a new stake in UP Fintech during the 2nd quarter worth approximately $2,373,000. Finally, Bank of America Corp DE lifted its holdings in UP Fintech by 122.6% during the 2nd quarter. Bank of America Corp DE now owns 2,282,337 shares of the company’s stock worth $22,025,000 after buying an additional 1,257,251 shares in the last quarter. 9.03% of the stock is currently owned by institutional investors and hedge funds.

UP Fintech Company Profile

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.