HomeTop MoversWhy UP Fintech Holding Limited (TIGR) stock is declining in the pre-market...

Why UP Fintech Holding Limited (TIGR) stock is declining in the pre-market on Tuesday?

UP Fintech Holding Limited (TIGR) shares declined 5.63% on Tuesday, August 17, 2021, pre-market, as of this writing, and trading at $14.08. yesterday, in the after-hours, TIGR’s stock lost 8.21% to close Tuesday’s session at $14.75. TIGR shares have risen 126.23% over the last 12 months, and they have moved down 19.49% in the past week. Over the past three months, the stock has lost 13.64%, while over the past six months, it has declined 59.83%.

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TIGR received Singapore Approvals

On June 25, 2021, UP Fintech Holding Limited (TIGR) announced that its Singapore subsidiary, Tiger Brokers (Singapore) (TBSPL) received approval-in-principle to be admitted as a Clearing Member of The Central Depository (Pte) Limited. TBSPL also received approval-in-principle from Singapore Exchange Securities Trading Limited as well as Singapore Exchange Derivatives Trading Limited for admission as a trading member.

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The Company expects to use this approvals-in-principle to improve the user experience and services it offers to clients. TBSPL looks forward to developing its partnerships with CDP and SGX and strengthening its presence in the Singapore market.

TIGR closed the public offering of ADS

On June 11, 2021, UP Fintech Holding Limited (TIGR) closed its public offering of 6,500,000 American Depositary Shares, each representing 15 Class A ordinary shares of the Company, at a public offering price of US$24.50 per ADS. The Company granted the underwriters a 30-day option to purchase up to an aggregate of 975,000 additional ADSs from the Company at the public offering price. The underwriters fully exercised their option to purchase these additional ADSs.

TIGR financial results announcement

On May 25, 2021, UP Fintech Holding Limited (TIGR) reported its unaudited financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

  • TIGR reported revenue of $81.3 million for Q1 2021 compared to $22.9 million inQ1 2020.
  • Total operating costs and expenses were $46.7 million in Q1 2021 compared to US$20.2 million in the same quarter of last year.
  • It reported a net income of $21.1 million in Q1 2021 compared to a net loss of US$0.2 million in Q1 2020.
  • The Company’s cash and cash equivalents and term deposits were US$193.4 million on March 31, 2021, compared to US$98.4 million as of December 31, 2020.

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As of this writing, we have no recent news that could be linked with its recent plummeting. So, it is hard to predict when TIGR will return towards positivity.

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