UP Fintech (NASDAQ:TIGR) Stock Price Down 2.2% – Here’s What Happened

Shares of UP Fintech Holding Limited (NASDAQ:TIGR) were down 2.2% during mid-day trading on Thursday . The stock traded as low as $7.18 and last traded at $7.21. Approximately 984,668 shares traded hands during trading, a decline of 80% from the average daily volume of 5,041,139 shares. The stock had previously closed at $7.37.

Analysts Set New Price Targets

TIGR has been the topic of a number of research analyst reports. Citigroup restated a “sell” rating and set a $5.50 price objective (up from $5.00) on shares of UP Fintech in a report on Tuesday, October 22nd. 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 report on Thursday, October 24th.

UP Fintech Stock Down 5.0 %

The stock’s fifty day moving average price is $6.45 and its 200-day moving average price is $5.32. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of 34.45 and a beta of 0.88.

Hedge Funds Weigh In On UP Fintech

A number of large investors have recently modified their holdings of the business. Sparta 24 Ltd. acquired a new stake in shares of UP Fintech in the second quarter valued at about $6,186,000. Headlands Technologies LLC increased its position in shares of UP Fintech by 100.6% during the 2nd quarter. Headlands Technologies LLC now owns 19,954 shares of the company’s stock worth $84,000 after purchasing an additional 10,006 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of UP Fintech by 162.7% during 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 in the last quarter. Marshall Wace LLP boosted its holdings 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 during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of UP Fintech in the second quarter valued at $129,000. 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.