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

UP Fintech Holding Limited (NASDAQ:TIGR - Get Free Report)'s share price gapped down prior to trading on Wednesday . The stock had previously closed at $9.69, but opened at $9.41. UP Fintech shares last traded at $9.85, with a volume of 2,943,004 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on TIGR shares. Deutsche Bank Aktiengesellschaft initiated coverage on shares of UP Fintech in a research report on Thursday, January 2nd. They set a "buy" rating and a $9.40 price objective for the company. Citigroup upgraded shares of UP Fintech from a "sell" rating to a "neutral" rating and upped their price target for the stock from $5.80 to $9.50 in a research report on Wednesday. Finally, Bank of America began coverage on UP Fintech in a report on Monday, March 17th. They issued a "buy" rating on the stock.

UP Fintech Price Performance

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 business has a fifty day simple moving average of $7.45 and a two-hundred day simple moving average of $6.66. The company has a market cap of $1.64 billion, a PE ratio of 44.30 and a beta of 0.87.

UP Fintech (NASDAQ:TIGR - Get Free Report) last posted its quarterly earnings results on Tuesday, March 18th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.06. UP Fintech had a net margin of 9.14% and a return on equity of 6.09%. The firm had revenue of $124.10 million for the quarter, compared to the consensus estimate of $73.60 million.

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Institutional Investors Weigh In On UP Fintech

Large investors have recently made changes to their positions in the stock. Marshall Wace LLP boosted its stake in UP Fintech by 492.4% during the fourth quarter. Marshall Wace LLP now owns 5,599,514 shares of the company's stock worth $36,173,000 after buying an additional 4,654,351 shares during the last quarter. Two Sigma Investments LP boosted its position in shares of UP Fintech by 808.5% during the 4th quarter. Two Sigma Investments LP now owns 1,817,787 shares of the company's stock valued at $11,743,000 after acquiring an additional 1,617,702 shares during the last quarter. Millennium Management LLC grew its holdings in shares of UP Fintech by 2,631.2% in the fourth quarter. Millennium Management LLC now owns 1,620,968 shares of the company's stock valued at $10,471,000 after purchasing an additional 1,561,617 shares during the period. Contrarius Group Holdings Ltd acquired a new stake in UP Fintech during the fourth quarter worth about $8,105,000. Finally, Two Sigma Advisers LP raised its stake in UP Fintech by 841.6% during the fourth quarter. Two Sigma Advisers LP now owns 888,900 shares of the company's stock worth $5,742,000 after purchasing an additional 794,500 shares during the period. 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.