UP Fintech (NASDAQ:TIGR) Stock Price Down 7.9% – Should You Sell?

UP Fintech Holding Limited (NASDAQ:TIGR)’s stock price traded down 7.9% during trading on Wednesday . The stock traded as low as $8.43 and last traded at $8.3750. 2,763,087 shares were traded during trading, a decline of 53% from the average session volume of 5,835,702 shares. The stock had previously closed at $9.09.

Analyst Ratings Changes

A number of research firms have weighed in on TIGR. UBS Group initiated coverage on shares of UP Fintech in a report on Thursday, October 23rd. They set a “buy” rating and a $13.10 target price on the stock. Citigroup raised shares of UP Fintech from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $9.50 to $14.00 in a research note on Tuesday, July 22nd. Jefferies Financial Group assumed coverage on UP Fintech in a report on Monday, September 29th. They issued a “buy” rating and a $12.00 price objective for the company. Wall Street Zen downgraded UP Fintech from a “buy” rating to a “hold” rating in a report on Saturday, October 25th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of UP Fintech in a research note on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, UP Fintech currently has an average rating of “Moderate Buy” and an average price target of $12.13.

UP Fintech Stock Performance

The business has a 50 day moving average price of $10.29 and a 200-day moving average price of $10.02. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of 12.38, a P/E/G ratio of 0.61 and a beta of 0.53.

Institutional Trading of UP Fintech

Large investors have recently modified their holdings of the stock. Raymond James Financial Inc. acquired a new stake in UP Fintech in the second quarter worth $33,000. Caitong International Asset Management Co. Ltd boosted its position in shares of 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 purchasing an additional 3,427 shares in the last quarter. First Horizon Advisors Inc. acquired a new stake in shares of UP Fintech in the 2nd quarter valued at about $52,000. Bayforest Capital Ltd bought a new stake in UP Fintech in the 3rd quarter valued at about $66,000. Finally, SBI Securities Co. Ltd. raised its stake in UP Fintech by 22.7% during the 2nd quarter. SBI Securities Co. Ltd. now owns 6,382 shares of the company’s stock worth $62,000 after buying an additional 1,179 shares during the period. Institutional investors and hedge funds own 9.03% of the company’s stock.

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.