UP Fintech Holding Limited (NASDAQ:TIGR) has been given an average recommendation of “Moderate Buy” by seven brokerages currently covering the company, according to MarketBeat. The consensus includes one sell rating, one hold rating, and five buy ratings from various analysts. The average target price set by these analysts for the stock over the next year is approximately $11.35.
Several recent reports have influenced this outlook. On October 25, Wall Street Zen downgraded UP Fintech from a “buy” to a “hold” rating. In contrast, UBS Group initiated coverage on October 23, assigning a “buy” rating with a target price of $13.10. Additionally, Jefferies Financial Group began coverage on September 29 with a “buy” rating and a target of $12.00. Citigroup also raised its price target to $17.50, maintaining a “buy” rating on December 5.
Recent Earnings Performance
UP Fintech last reported its quarterly earnings on December 4, 2023, revealing an earnings per share (EPS) of $0.29. This figure surpassed analysts’ expectations of $0.21 by $0.08. The company achieved a return on equity of 21.09% and a net margin of 27.42%. Revenue for the quarter was reported at $175.16 million, significantly exceeding the anticipated $132.76 million.
This marks a notable improvement compared to the same period last year when UP Fintech recorded an EPS of $0.11. Analysts are keenly observing the company’s performance, especially given the robust revenue figures and strong profitability metrics.
Institutional Investment Activity
Recent activity from hedge funds and institutional investors indicates a growing interest in UP Fintech. In the second quarter, Raymond James Financial Inc. acquired a new stake valued at approximately $33,000. Caitong International Asset Management Co. Ltd raised its holdings by 205.6%, now owning 5,094 shares worth around $49,000 after purchasing an additional 3,427 shares.
First Horizon Advisors Inc. also entered the market with a new position valued at $52,000. In the third quarter, Bayforest Capital Ltd purchased a stake valued at $66,000, while SBI Securities Co. Ltd increased its holdings by 22.7%, now owning 6,382 shares valued at $62,000. Overall, institutional investors and hedge funds collectively hold approximately 9.03% of UP Fintech’s stock.
About UP Fintech Holding Limited
UP Fintech Holding Limited specializes in providing online brokerage services tailored for Chinese investors. The company operates a brokerage platform that enables users to trade a variety of financial instruments, including stocks, options, and warrants, accessible via its app and website. Additionally, UP Fintech offers value-added services such as investor education, community engagement, and investor relations platform services.
As the company continues to navigate the competitive landscape, analysts and investors will be closely monitoring its performance, strategic initiatives, and market conditions.
