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

Shares of UP Fintech Holding Limited (NASDAQ:TIGR) gapped down before the market opened on Wednesday . The stock had previously closed at $9.69, but opened at $9.41. UP Fintech shares last traded at $9.85, with a volume of 2,943,004 shares trading hands.

Analysts Set New Price Targets

TIGR has been the topic of several research reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of UP Fintech in a report on Thursday, January 2nd. They set a “buy” rating and a $9.40 price objective on the stock. Bank of America initiated coverage on shares of UP Fintech in a report on Monday. They set a “buy” rating on the stock. Finally, Citigroup raised shares of 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 report on Wednesday.

UP Fintech Trading Down 8.3 %

The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of 44.30 and a beta of 0.87. 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 company’s 50 day simple moving average is $7.39 and its two-hundred day simple moving average is $6.59.

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

Institutional Investors Weigh In On UP Fintech

Several institutional investors and hedge funds have recently made changes to their positions in TIGR. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted 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 worth $1,090,000 after buying an additional 81,300 shares during the period. Centiva Capital LP acquired a new stake in shares of UP Fintech during the third quarter worth $209,000. Quadrature Capital Ltd acquired a new stake in shares of UP Fintech during the third quarter worth $516,000. State Street Corp lifted its stake in shares of UP Fintech by 4.8% during the third quarter. State Street Corp now owns 742,452 shares of the company’s stock worth $3,965,000 after buying an additional 34,186 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of UP Fintech during the third quarter worth $121,000. 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.