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 Tuesday . The stock had previously closed at $7.77, but opened at $6.96. UP Fintech shares last traded at $6.85, with a volume of 4,717,506 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. China Renaissance upgraded shares of UP Fintech from a “hold” rating to a “buy” rating and set a $7.58 price objective on the stock in a research report on Thursday, October 24th. Citigroup restated a “sell” rating and set a $5.50 price target (up from $5.00) on shares of UP Fintech in a research report on Tuesday, October 22nd.

UP Fintech Price Performance

The company has a market cap of $1.24 billion, a P/E ratio of 34.25 and a beta of 0.88. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The firm has a 50 day moving average of $6.80 and a 200-day moving average of $5.05.

Institutional Investors Weigh In On UP Fintech

Large investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its stake in UP Fintech by 53.6% in the 3rd quarter. GAMMA Investing LLC now owns 6,031 shares of the company’s stock worth $32,000 after acquiring an additional 2,104 shares during the last quarter. SG Americas Securities LLC purchased a new stake in UP Fintech in the 2nd quarter worth $78,000. Blue Trust Inc. lifted its stake in UP Fintech by 198.6% in the 3rd quarter. Blue Trust Inc. now owns 14,657 shares of the company’s stock valued at $78,000 after buying an additional 9,748 shares in the last quarter. Asset Management One Co. Ltd. lifted its position in shares of UP Fintech by 38.5% in the third quarter. Asset Management One Co. Ltd. now owns 15,733 shares of the company’s stock valued at $84,000 after acquiring an additional 4,377 shares in the last quarter. Finally, Headlands Technologies LLC raised its position in shares of UP Fintech by 100.6% in the second quarter. Headlands Technologies LLC now owns 19,954 shares of the company’s stock valued at $84,000 after buying an additional 10,006 shares during the last quarter. 9.03% of the stock is 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.