UP Fintech (NASDAQ:TIGR) Shares Down 6.3% – Here’s Why

Shares of UP Fintech Holding Limited (NASDAQ:TIGR) fell 6.3% on Friday . The stock traded as low as $5.84 and last traded at $5.85. 863,315 shares traded hands during trading, a decline of 69% from the average session volume of 2,761,428 shares. The stock had previously closed at $6.24.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. China Renaissance raised shares of UP Fintech from a “hold” rating to a “buy” rating and set a $7.58 target price on the stock in a report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft started coverage on shares of UP Fintech in a report on Thursday, January 2nd. They issued a “buy” rating and a $9.40 target price on the stock. Finally, Citigroup reiterated a “sell” rating and set a $5.50 price target (up from $5.00) on shares of UP Fintech in a research report on Tuesday, October 22nd.

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 company’s 50-day moving average is $6.44 and its two-hundred day moving average is $5.46. The stock has a market capitalization of $1.06 billion, a P/E ratio of 28.80 and a beta of 0.86.

Hedge Funds Weigh In On UP Fintech

Several hedge funds and other institutional investors have recently made changes to their positions in TIGR. Sparta 24 Ltd. lifted its holdings in UP Fintech by 113.7% in the third quarter. Sparta 24 Ltd. now owns 3,148,128 shares of the company’s stock worth $16,811,000 after purchasing an additional 1,675,296 shares during the period. Marshall Wace LLP raised its position in shares of UP Fintech by 52.8% during the 2nd quarter. Marshall Wace LLP now owns 1,112,172 shares of the company’s stock worth $4,671,000 after buying an additional 384,213 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of UP Fintech in the 3rd quarter worth approximately $539,000. Quadrature Capital Ltd bought a new position in shares of UP Fintech in the third quarter valued at approximately $516,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of UP Fintech by 66.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 204,100 shares of the company’s stock valued at $1,090,000 after acquiring an additional 81,300 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.