UP Fintech (NASDAQ:TIGR) Stock Price Down 5% – Here’s Why

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on TIGR shares. Citigroup upgraded UP Fintech from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $5.80 to $9.50 in a research note on Wednesday. Bank of America assumed coverage on UP Fintech in a research report on Monday, March 17th. They set a “buy” rating for the company. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on UP Fintech in a research report on Thursday, January 2nd. They issued a “buy” rating and a $9.40 price objective on the stock.

UP Fintech Stock Performance

The business’s 50-day simple moving average is $7.45 and its two-hundred day simple moving average is $6.62. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.30. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of 44.30 and a beta of 0.87.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC raised its position in UP Fintech by 527.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,641 shares of the company’s stock worth $30,000 after acquiring an additional 3,901 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of UP Fintech during the 4th quarter worth about $34,000. Deutsche Bank AG purchased a new position in UP Fintech in the 4th quarter valued at about $38,000. GAMMA Investing LLC boosted its holdings in UP Fintech by 51.5% in the 4th quarter. GAMMA Investing LLC now owns 9,136 shares of the company’s stock worth $59,000 after buying an additional 3,105 shares during the last quarter. Finally, Tairen Capital Ltd purchased a new stake in UP Fintech during the 4th quarter worth approximately $68,000. Hedge funds and other institutional investors own 9.03% of the company’s stock.

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.