UP Fintech (NASDAQ:TIGR) Shares Gap Up - Should You Buy?

Key Points

• UP Fintech (NASDAQ:TIGR) shares opened at $11.20 after closing at $10.85, contributing to a last traded price of $11.34 with significant trading volume.
• Analysts have shown bullish sentiment, with Citigroup upgrading the stock from "neutral" to "buy" and raising the price target to $14.00, while Wall Street Zen also upgraded it to "buy".
• The company holds a market cap of $2.05 billion, and a notable 9.03% of its stock is currently owned by institutional investors and hedge funds.

UP Fintech Holding Limited (NASDAQ:TIGR - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $10.85, but opened at $11.20. UP Fintech shares last traded at $11.34, with a volume of 1,736,761 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Wall Street Zen raised UP Fintech from a "hold" rating to a "buy" rating in a report on Saturday, August 30th. Citigroup upgraded shares of UP Fintech from a "neutral" rating to a "buy" rating and upped their price objective for the company from $9.50 to $14.00 in a research note on Tuesday, July 22nd. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $10.33.

UP Fintech Stock Performance

The company has a market cap of $2.06 billion, a price-to-earnings ratio of 17.15, a price-to-earnings-growth ratio of 0.73 and a beta of 0.64. The stock's fifty day simple moving average is $10.97 and its two-hundred day simple moving average is $9.30.

Hedge Funds Weigh In On UP Fintech

Hedge funds have recently made changes to their positions in the stock. Harbour Capital Advisors LLC acquired a new position in shares of UP Fintech during the 1st quarter valued at $575,000. Canada Pension Plan Investment Board acquired a new position in shares of UP Fintech during the 1st quarter valued at $9,467,000. Sparta 24 Ltd. lifted its holdings in shares of UP Fintech by 48.0% during the 1st quarter. Sparta 24 Ltd. now owns 3,657,104 shares of the company's stock valued at $31,415,000 after acquiring an additional 1,186,137 shares in the last quarter. Eschler Asset Management LLP acquired a new position in shares of UP Fintech during the 1st quarter valued at $1,031,000. Finally, Northern Trust Corp increased its stake in UP Fintech by 53.8% during the 4th quarter. Northern Trust Corp now owns 180,679 shares of the company's stock worth $1,167,000 after buying an additional 63,232 shares during the period. Institutional investors and hedge funds own 9.03% of the company's stock.

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.