Why UP Fintech Holding Stock Soared Today
Shares of UP Fintech Holding (NASDAQ: TIGR), primarily an online brokerage in China known as Tiger Brokers, soared on Tuesday after the company provided financial results for the first quarter of 2021. It had triple-digit top-line growth coupled with lower expenses, resulting in a net profit. That excited shareholders, and as of 11:20 a.m. EDT today, the stock was up 13%.
In the first quarter, UP Fintech generated revenue of $81.3 million, a 256% year-over-year increase. Like many brokerages in the U.S., Tiger Brokers saw a surge in trading volumes that contributed to the strong revenue growth. However, the company is also seeing impressive adoption from customers. For example, accounts with deposits have increased 45% just since the beginning of the year.
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Source Fool.com
