UP Fintech (NASDAQ:TIGR) Shares Gap Up - Here's What Happened

Key Points

• UP Fintech shares gapped higher, opening at $5.24 versus a prior close of $4.84, before trading at approximately $4.96 on volume of 1.6 million shares.
• Analyst sentiment remains mixed but leans positive: the stock carries a “Moderate Buy” consensus rating and a $9.23 average price target, despite one sell downgrade and Citigroup lowering its target to $7.10.
• Director Jian Liu sold 9,333 shares for about $42,932, while several institutional investors increased their positions; insiders own 50.9% of the company, compared with 9.03% held by institutions and hedge funds.

UP Fintech Holding Limited (NASDAQ:TIGR - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $4.84, but opened at $5.24. UP Fintech shares last traded at $4.9640, with a volume of 1,607,761 shares.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TIGR. Wall Street Zen lowered UP Fintech from a "hold" rating to a "sell" rating in a research note on Saturday, June 6th. Citigroup lowered their target price on shares of UP Fintech to $7.10 and set a "buy" rating for the company in a report on Wednesday, June 3rd. Finally, Bank of America reaffirmed a "buy" rating on shares of UP Fintech in a research note on Monday, June 1st. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, UP Fintech presently has an average rating of "Moderate Buy" and an average target price of $9.23.

UP Fintech Stock Up 2.4%

The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.06. The firm's 50 day moving average price is $4.72 and its two-hundred day moving average price is $6.05. The firm has a market capitalization of $940.53 million, a PE ratio of 8.26 and a beta of 0.48.

Insider Activity at UP Fintech

In other news, Director Jian Liu sold 9,333 shares of UP Fintech stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $4.60, for a total transaction of $42,931.80. Following the transaction, the director directly owned 62,665 shares in the company, valued at approximately $288,259. This trade represents a 12.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 50.90% of the stock is owned by corporate insiders.

Institutional Trading of UP Fintech

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cetera Investment Advisers lifted its holdings in shares of UP Fintech by 2.8% during the second quarter. Cetera Investment Advisers now owns 50,173 shares of the company's stock valued at $484,000 after purchasing an additional 1,385 shares during the last quarter. Qube Research & Technologies Ltd acquired a new position in UP Fintech in the 2nd quarter valued at approximately $4,441,000. Diversify Advisory Services LLC increased its stake in shares of UP Fintech by 42.4% in the second quarter. Diversify Advisory Services LLC now owns 54,651 shares of the company's stock worth $552,000 after acquiring an additional 16,271 shares during the last quarter. Diversify Wealth Management LLC increased its position in UP Fintech by 29.1% in the 2nd quarter. Diversify Wealth Management LLC now owns 177,706 shares of the company's stock worth $1,795,000 after purchasing an additional 40,032 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its position in UP Fintech by 15.6% during the second quarter. Canada Pension Plan Investment Board now owns 1,274,250 shares of the company's stock valued at $12,297,000 after acquiring an additional 172,200 shares in the last quarter. 9.03% of the stock is owned by institutional investors and hedge funds.

UP Fintech Company Profile

Up Fintech Holding Ltd, trading on NASDAQ under the ticker TIGR, is a China-based financial technology company that provides online brokerage and wealth management services through its proprietary trading platform. The company's primary offering, Tiger Brokers, enables retail and institutional clients to access global financial markets, including equities, exchange-traded funds (ETFs), options, and futures across the United States, Hong Kong, China A-shares, Australia, and Singapore.

Founded in 2014 by Zhang Zhen, Up Fintech has focused on developing an intuitive mobile and desktop trading experience, complete with real-time market data, customizable charting tools, and in-app research insights.

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