UP Fintech (NASDAQ:TIGR) Trading Down 7.5% - Here's What Happened

Key Points

• UP Fintech shares declined 7.5% during trading, reaching a low of $9.63, and had a significant drop in trading volume of 45% compared to the average.
• Despite recent performance, several analysts have given UP Fintech a consensus rating of "Moderate Buy," with target prices ranging from $10.75 to $14.00.
• Institutional investors have shown increased interest, with some raising their stakes significantly, indicating potential confidence in the company's future.

UP Fintech Holding Limited (NASDAQ:TIGR - Get Free Report) shares were down 7.5% during trading on Friday . The stock traded as low as $9.63 and last traded at $9.40. Approximately 3,356,248 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 6,105,590 shares. The stock had previously closed at $10.17.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Jefferies Financial Group assumed coverage on UP Fintech in a research report on Monday, September 29th. They set a "buy" rating and a $12.00 target price on the stock. Wall Street Zen raised UP Fintech from a "hold" rating to a "buy" rating in a research report on Saturday, August 30th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of UP Fintech in a research report on Wednesday. Finally, Citigroup raised UP Fintech from a "neutral" rating to a "buy" rating and upped their target price for the company from $9.50 to $14.00 in a research report on Tuesday, July 22nd. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.75.

UP Fintech Stock Down 9.3%

The stock has a market capitalization of $1.70 billion, a PE ratio of 14.27, a PEG ratio of 0.68 and a beta of 0.55. The firm has a 50 day moving average price of $10.98 and a 200-day moving average price of $9.52.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of TIGR. Sparta 24 Ltd. raised its stake in shares of UP Fintech by 71.2% in the second quarter. Sparta 24 Ltd. now owns 6,260,946 shares of the company's stock worth $60,418,000 after purchasing an additional 2,603,842 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new stake in UP Fintech during the second quarter worth about $24,456,000. Arrowstreet Capital Limited Partnership grew its holdings in UP Fintech by 282.1% during the second quarter. Arrowstreet Capital Limited Partnership now owns 3,247,099 shares of the company's stock worth $31,335,000 after acquiring an additional 2,397,261 shares during the period. Jump Financial LLC acquired a new stake in UP Fintech during the second quarter worth about $12,993,000. Finally, Bank of America Corp DE grew its holdings in UP Fintech by 122.6% during the second quarter. Bank of America Corp DE now owns 2,282,337 shares of the company's stock worth $22,025,000 after acquiring an additional 1,257,251 shares during the period. 9.03% of the stock is currently owned by hedge funds and other institutional investors.

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.

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