UP Fintech (NASDAQ:TIGR) Trading Down 5.4% - Here's What Happened

Key Points

• UP Fintech Holding Limited's stock price fell 5.4% to $10.55, with trading volume down 69% compared to the average daily volume.
• Recent analyst reports have upgraded the stock's rating from "hold" to "buy", boosting the price target from $9.50 to $14.00.
• Institutional investors have significantly increased their stakes in UP Fintech, which now has 9.03% of its stock owned by these investors.

Shares of UP Fintech Holding Limited (NASDAQ:TIGR - Get Free Report) fell 5.4% on Monday . The stock traded as low as $10.73 and last traded at $10.55. 1,897,268 shares traded hands during trading, a decline of 69% from the average session volume of 6,149,463 shares. The stock had previously closed at $11.15.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on TIGR. Citigroup upgraded UP Fintech from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $9.50 to $14.00 in a research note on Tuesday, July 22nd. Wall Street Zen upgraded UP Fintech from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. Four analysts have rated the stock with a Buy rating, According to MarketBeat, UP Fintech has a consensus rating of "Buy" and an average target price of $10.33.

UP Fintech Stock Up 0.6%

The stock has a fifty day moving average of $10.96 and a two-hundred day moving average of $9.34. The stock has a market cap of $1.88 billion, a price-to-earnings ratio of 15.68, a price-to-earnings-growth ratio of 0.73 and a beta of 0.64.

Institutional Trading of UP Fintech

Institutional investors have recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new stake in UP Fintech during the second quarter worth $33,000. Caitong International Asset Management Co. Ltd increased its stake in UP Fintech by 205.6% in the second quarter. Caitong International Asset Management Co. Ltd now owns 5,094 shares of the company's stock valued at $49,000 after purchasing an additional 3,427 shares during the last quarter. First Horizon Advisors Inc. acquired a new stake in shares of UP Fintech in the second quarter valued at about $52,000. Deutsche Bank AG acquired a new stake in shares of UP Fintech in the fourth quarter valued at about $38,000. Finally, SBI Securities Co. Ltd. grew its stake in shares of UP Fintech by 22.7% in the second quarter. SBI Securities Co. Ltd. now owns 6,382 shares of the company's stock valued at $62,000 after buying an additional 1,179 shares in the last quarter. 9.03% of the stock is currently owned by hedge funds and other institutional investors.

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.