Shares of the UP Fintech Holding Limited (TIGR) stock were dropping today in the pre-market trading session despite the absence of any specific news related to it. TIGR stock price saw a downtrend of 8.89% to drop at $15.38 a share as of this writing. The stock was also gloomy at the previous trading session and went down by 6.59% at closing. Let’s take a look at this stock in detail.
What’s Happening?
UP Fintech Holding Limited (TIGR) stock is an online brokerage service provider that mainly focuses on Chinese investors. The stock is dropping for the second consecutive day. There seems to be no major culprit behind the falling stock price of TIGR stock in today’s date. No press release or earnings report has been released in recent days to justify the bearish sentiment. However, on July 14, 2021, Goldman raised the price target for TIGR stock to “a sell”.
TIGR Stock Subsidiary News:
About a month ago, UP Fintech’s Singapore subsidiary Tiger Brokers (Singapore) Pte. Ltd (TBSPL) did receive approval-in-principle related to the trading of securities and clearing members in Singapore. TBSPL was admitted as a Clearing Member of The Central Depository (Pte) Limited in connection with approval. Furthermore, it was also approved as the trading member by Singapore Exchange Securities Trading Limited and Singapore Exchange Derivatives Trading Limited. The approval paved the way for TBSPL to strengthen its position in Singapore.
TIGR Stock Follow On Public Offering:
On June 11, 2021, UP Fintech stock did announce the closing of its previously announced public offering of 6.5 million American Depository Shares(ADSs). Each ADS represented 15 class A ordinary shares of common stock and the offering price was US$24.50 per ADS. The underwriters were granted a 30-day option to buy 975,000 additional ADSs of the TIGR stock under the same public offering price. This option of buying additional shares had been fully exercised by underwriters.
The net proceeds resulted from this offering were intended to use in the expansion of TIGR’s customer base along with increasing customer engagement via its services. Moreover, part of the proceeds is specified for development in products, services, and technology areas. The TIGR stock also used these proceeds to expand its international presence.
Conclusion:
TIGR stock is dropping in the stock market despite no obvious reason or specific news related to it. The next earnings report is expected in the mid of August. It is to be noted that this stock’s full-year 2020 revenue was 136.1% higher than the full-year revenue of 2019.
