UP Fintech (NASDAQ:TIGR) Shares Gap Up Following Earnings Beat

Shares of UP Fintech Holding Limited (NASDAQ:TIGR) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $8.66, but opened at $9.40. UP Fintech shares last traded at $9.0550, with a volume of 4,521,604 shares.

The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.08. UP Fintech had a return on equity of 21.90% and a net margin of 27.42%.The business had revenue of $175.16 million during the quarter, compared to analysts’ expectations of $132.76 million. During the same quarter last year, the business posted $0.11 EPS.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TIGR. Citigroup lifted their price target on shares of UP Fintech to $17.50 and gave the stock a “buy” rating in a research note on Friday. Jefferies Financial Group initiated coverage on shares of UP Fintech in a research report on Monday, September 29th. They set a “buy” rating and a $12.00 price objective for the company. UBS Group began coverage on UP Fintech in a report on Thursday, October 23rd. They issued a “buy” rating and a $13.10 target price on the stock. Weiss Ratings restated a “hold (c)” rating on shares of UP Fintech in a research note on Wednesday, October 8th. Finally, Wall Street Zen downgraded UP Fintech from a “buy” rating to a “hold” rating in a report on Saturday, October 25th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $11.35.

Hedge Funds Weigh In On UP Fintech

Several large investors have recently bought and sold shares of TIGR. Raymond James Financial Inc. acquired a new stake in shares of UP Fintech during the second quarter worth about $33,000. Caitong International Asset Management Co. Ltd grew its stake in UP Fintech by 205.6% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 5,094 shares of the company’s stock worth $49,000 after buying an additional 3,427 shares during the last quarter. First Horizon Advisors Inc. purchased a new position in UP Fintech during the 2nd quarter worth approximately $52,000. Bayforest Capital Ltd acquired a new position in UP Fintech during the third quarter worth approximately $66,000. Finally, SBI Securities Co. Ltd. lifted its stake in UP Fintech by 22.7% in the second quarter. SBI Securities Co. Ltd. now owns 6,382 shares of the company’s stock valued at $62,000 after buying an additional 1,179 shares during the last quarter. Institutional investors and hedge funds own 9.03% of the company’s stock.

UP Fintech Price Performance

The company has a market cap of $1.71 billion, a PE ratio of 11.13, a PEG ratio of 0.59 and a beta of 0.37. The stock has a 50 day simple moving average of $9.73 and a two-hundred day simple moving average of $9.94.

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.