UP Fintech (NASDAQ:TIGR) Stock Price Down 4.6% - Here's What Happened

Shares of UP Fintech Holding Limited (NASDAQ:TIGR - Get Free Report) dropped 4.6% during mid-day trading on Wednesday . The stock traded as low as $6.96 and last traded at $6.92. Approximately 4,425,704 shares were traded during trading, an increase of 7% from the average daily volume of 4,146,912 shares. The stock had previously closed at $7.25.

Analyst Ratings Changes

Several research analysts recently weighed in on TIGR shares. Citigroup reaffirmed a "sell" rating and set a $5.50 target price (up previously from $5.00) on shares of UP Fintech in a research note on Tuesday, October 22nd. China Renaissance upgraded shares of UP Fintech from a "hold" rating to a "buy" rating and set a $7.58 target price for the company in a report on Thursday, October 24th. Finally, Deutsche Bank Aktiengesellschaft began coverage on UP Fintech in a report on Thursday, January 2nd. They issued a "buy" rating and a $9.40 target price on the stock.

UP Fintech Price Performance

The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of 34.10 and a beta of 0.86. 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 stock has a 50-day simple moving average of $6.53 and a 200 day simple moving average of $5.65.

Institutional Trading of UP Fintech

Several hedge funds and other institutional investors have recently modified their holdings of TIGR. Renaissance Technologies LLC increased its position in UP Fintech by 162.7% in the 2nd quarter. Renaissance Technologies LLC now owns 92,441 shares of the company's stock worth $388,000 after purchasing an additional 57,257 shares during the last quarter. Marshall Wace LLP grew its stake in shares of UP Fintech by 52.8% in the 2nd quarter. Marshall Wace LLP now owns 1,112,172 shares of the company's stock valued at $4,671,000 after buying an additional 384,213 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in UP Fintech in the second quarter worth approximately $129,000. GAMMA Investing LLC raised its position in UP Fintech by 53.6% during the third quarter. GAMMA Investing LLC now owns 6,031 shares of the company's stock valued at $32,000 after acquiring an additional 2,104 shares in the last quarter. Finally, Blue Trust Inc. lifted its stake in UP Fintech by 198.6% in the third quarter. Blue Trust Inc. now owns 14,657 shares of the company's stock valued at $78,000 after acquiring an additional 9,748 shares during 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.

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