UP Fintech (NASDAQ:TIGR) Shares Gap Up – Here’s What Happened

UP Fintech Holding Limited (NASDAQ:TIGR) shares gapped up prior to trading on Tuesday . The stock had previously closed at $7.21, but opened at $7.40. UP Fintech shares last traded at $7.42, with a volume of 738,433 shares.

Analyst Ratings Changes

A number of analysts have commented on TIGR shares. China Renaissance raised 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. Citigroup restated a “sell” rating and issued a $5.50 price objective (up from $5.00) on shares of UP Fintech in a research note on Tuesday, October 22nd.

UP Fintech Trading Up 2.2 %

The stock has a 50 day moving average of $6.46 and a 200-day moving average of $5.29. The company has a market capitalization of $1.36 billion, a P/E ratio of 36.85 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.

Institutional Trading of UP Fintech

Hedge funds and other institutional investors have recently modified their holdings of the company. Sparta 24 Ltd. boosted its holdings in UP Fintech by 113.7% in the 3rd quarter. Sparta 24 Ltd. now owns 3,148,128 shares of the company’s stock worth $16,811,000 after buying an additional 1,675,296 shares during the period. Marshall Wace LLP lifted its position in shares of UP Fintech by 52.8% in the second quarter. Marshall Wace LLP now owns 1,112,172 shares of the company’s stock valued at $4,671,000 after acquiring an additional 384,213 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of UP Fintech in the third quarter valued at about $539,000. Quadrature Capital Ltd bought a new position in shares of UP Fintech in the third quarter worth about $516,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of 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 worth $1,090,000 after purchasing an additional 81,300 shares in the last quarter. 9.03% of the stock is 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.