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

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AYTU Stock
AYTU Stock

UP Fintech Holding Limited (TIGR) shares plummeting 14.26% in pre-market on Thursday, October 14, 2021, and trading $8.9 per share, as of this writing. Yesterday TIGR’s stock gained 2.27% to close Wednesday’s session at $10.38 per share. TIGR shares have risen 109.70% over the last 12 months, and they have moved up 3.70% in the past week. Over the past three months, the stock has lost 44.10%, while over the past six months, it has shed 45.14%.

Let’s have a brief look at its recent news


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TIGR recent financial results

On September 10, 2021, UP Fintech Holding Limited (TIGR) announced its unaudited financial results for the second quarter ended June 30, 2021.

TIGR Q2 2021 financial highlights

  • TIGR reported total revenue of $60.2 million for Q2 2021 compared to $30.3 million in Q2 2020.
  • Total operating costs and expenses were $62.5 million in Q2 2021 compared to $23.1 million in the same quarter of last year.
  • It suffered a net loss of $21.5 million in Q2 2021 compared to a net income of $4.4 million in Q2 2020.
  • The company ended the quarter with cash and cash equivalents and term deposits of $313.2 million, compared to $98.4 million as of December 31, 2020.

Funded Accounts acquired from International Markets

In Q2 2021 financial results, more than 60% of the Company’s newly funded accounts were derived from international markets in the quarter. Growth was driven by enhanced platform capabilities and rising demand for convenient access to global brokerage services.

Conclusion

Well, as of this writing, we are unable to find any news which could justify its pre-market loss on Thursday. we hope that it will return towards positivity in later sessions.

About the company

UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enable investors to trade in equities and other financial instruments on multiple exchanges around the world.

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