UP Fintech (NASDAQ:TIGR) Shares Up 7% – Here’s Why

Shares of UP Fintech Holding Limited (NASDAQ:TIGR) rose 7% on Tuesday . The company traded as high as $7.24 and last traded at $7.17. Approximately 1,327,156 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 4,318,280 shares. The stock had previously closed at $6.70.

Analyst Upgrades and Downgrades

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

UP Fintech Stock Up 9.3 %

The company has a debt-to-equity ratio of 0.30, a current ratio of 1.11 and a quick ratio of 1.11. The business’s 50 day moving average price is $6.64 and its 200-day moving average price is $5.72. The company has a market cap of $1.35 billion, a P/E ratio of 36.58 and a beta of 0.86.

Hedge Funds Weigh In On UP Fintech

Large investors have recently modified their holdings of the business. Sparta 24 Ltd. boosted its stake in shares of UP Fintech by 113.7% in the 3rd quarter. Sparta 24 Ltd. now owns 3,148,128 shares of the company’s stock valued at $16,811,000 after purchasing an additional 1,675,296 shares in the last quarter. Diversify Wealth Management LLC acquired a new stake in UP Fintech in the fourth quarter valued at approximately $742,000. Virtu Financial LLC acquired a new stake in shares of UP Fintech in the 3rd quarter worth about $539,000. Quadrature Capital Ltd bought a new stake in UP Fintech in the 3rd quarter worth about $516,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in UP Fintech by 66.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 204,100 shares of the company’s stock valued at $1,090,000 after buying an additional 81,300 shares during the period. 9.03% of the stock is currently owned by institutional investors and hedge funds.

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.