Up Fintech Holding Ltd (TIGR) Stock is facing negativity in the pre-market session of Friday, April 9, 2021. It has lost 2.97% as of this writing but it gained 14.08% yesterday.TIGR shares have risen by 644.19% over the last 12 months, and they have moved up by 7.93% in the past week. Over the past three months, the stock has gained 107.57%, while over the past six months, it has added 284.00%.
Let’s have a look at the latest developments in Fintech.
Tiger Brokers got Real-Time Level 2+ quotes distribution
On April 7, 2021, OTC Markets Group Inc. choose Tiger Brokers, as a new distributor of OTC Markets’ Real-Time Level 2+ Quotes.
According to the agreement, the data availability will increase on OTC equity securities to Tiger Broker’s platform of investors. Tiger Broker’s clients will get convenient access to pricing for OTCQX, OTCQBand Pink market securities to assist in trading and investment decision-making.
Private Placement of Convertible Notes
On April 05, 2021, UP Fintech Holding Limited announced that it has received a purchase offer for its convertible notes at an aggregate principal amount of US$90 million through a private placement. The convertible notes will mature in 2026.
Recent financial results
On March 26, 2021, UP Fintech Holding Limited announced its unaudited financial results for the fourth quarter and the year ended December 31, 2020.
Q4 2020 financial highlights
- Total revenues were US$47.2 million, up 136.5% from US$20.0 million in the same quarter of last year.
- Total operating costs and expenses were US$36.3 million for Q4 2020, compared with $19.1 million in the same quarter of last year.
- For the 4Q 2020, general and administrative expenses were US$4.8 million, compared with $2.8 million in the same quarter last year.
- For the 4Q 2020, net income attributable to UP Fintech was $8.5 million, compared to a net loss of $0.6 million in the same quarter of last year.
- Non-GAAP net income was $10.3 million, as compared to a $0.3 million non-GAAP net income in the same quarter of last year
The fiscal Year 2020 highlights
- Up Fintech Holding total revenue was $138.5 million for the year 2020 compared to $58.7 million in 2019.
- Its net revenue for the year 2020 was $128.4 million.
- TIGR earned a net income of $19.2 million in the year 2020 compared with a negative $5.9 million in 2019.
- For FY 2020, net income attributable to UP Fintech was $16.1 million compared with negative $6.6 million in 2019.
- For FY 2020, Non-GAAP net income attributable to UP Fintech was $22.3 million compared with negative $1.8 million in 2019.
- Up Fintech Holding total operating costs and expenses were $107.4 million compared to $64.7 million in 2019
- For FY 2020, general and administrative expenses were $13.7 million, compared with $9.3 million in 2019.
- Up Fintech Holding had cash and cash equivalents and term deposits of $98.4 million as of December 31, 2020, compared to US$125.0 million as of December 31, 2019.
We are unable to find a reason or recent development which can justify its negative start on Friday. As per its past performance, we are assuming that it will re bounce and will return towards positivity on the last day of the week.