Home Financial Markets UP Fintech Holding Limited (TIGR) stock rises in Pre-Market: Let’s find out...

UP Fintech Holding Limited (TIGR) stock rises in Pre-Market: Let’s find out why.

UP Fintech Holding Limited (TIGR) stock, an online brokerage service provider, continued to rise in the pre-market trading session today on May 12, 2021, after the good performance in the last trade. TIGR stock saw an uptrend of 3.95% to reach $16.56 a share as of this writing. At previous closing, the per-share price of the TIGR stock went up by 2.58%. There is no certain news today related to TIGR stock to justify this bull. Let’s deep dive to explore more of it.

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What’s happening?

It seems that TIGR stock price is continuously rising despite no specific news associated with it today not even in this month so far. Sometimes investors respond to the stock on the basis of analysts’ recommendations, but this trend is not the result of this fact. However, couple of news appeared related to TIGR stock in April, the brief details of which are as follows.

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Agreement with OTC Markets Group Inc

On April 7, 2021,  OTC Markets Group Inc. added Tiger brokers as a new distributor of OTC Markets’ Real-Time Level 2+ Quotes. This agreement made it easy for the TIGR’s clients to access the real-time depth of book-pricing for TCQX®, OTCQB®, and Pink® market securities in order to make a better decision in trading and investment. To assist TIGR’s clients, the detailed data of OTC equity securities is available on Tiger Broker’s platform of investors.

Purchasing of Convertible Notes:

On April 5, 2021, TIGR stock made the announcement of purchasing convertible notes by the consortium of leading institutional investors. The aggregate principal amount for this purchase was US$90 million and the purchase was done through private placement.

Financial View of TIGR stock:

According to TIGR’s unaudited fourth quarter and fiscal 2020 financial results, total revenue significantly increased by 136.5% to reach $47.2 million.Net income for TIGR stock jumped from negative $0.2 million in Q4 of 2019 to $9.4 million in Q4 of 2020.

For the full year 2020, TIGR stock generated $138.5 million, up by 136.1% from 2019 and net income surged to $19.2 million as compared to $5.9 million in 2019.Total account balance totaled $16.0 billion, 215.9% higher than the year before.

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Conclusion:

Things are working well for the TIGR stock as far as market sentiment is concerned.TIGR stock has shown positive growth over the year and its Tiger Broker platform showed impressive performance over the year and hoping to add 344,000 new paying members this year. Hence , TIGR stock can be a good bet for investors in the future.

 

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