UP Fintech Holding Ltd. (TIGR) stock prices were up by 2.27% as of the market closing on October 13th, 2021. This brought the price per share up to USD$10.38 at the end of the trading day. Subsequent premarket fluctuations have seen the stock dip by 12.24%, bringing it down to USD$9.11.
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Proliferation of StackHabit
October 5th 2021 saw StackHabit report its availability across all 50 states in the United States. The automated wealth creation platform and SEX Registered Investment Advisor leverages Automation from TIGR stock and custodies all of their assets with Interactive Brokers. StackHabit was founded in March 2021 to democratize high quality investing for every day users. The initial launch was marked by an undisclosed seed round that was led by veterans of the financial industry. StackHabit differentiates itself from other RoboAdvisors in its offering of concentrated portfolios of primarily equity securities. It facilitates the setting up of an investment or retirement account based on risk profiles in a matter of minutes, after which automated deposits can be set up.
TIGR Stock Resists Headwinds
TIGR stock reported a market backdrop for the second quarter of fiscal 2021 that was relatively weaker than the prior quarter. Despite this, the company reported having achieved substantial expansion over the course of Q2 2021. The company continues to invest in its internationalization, as a result of which there was a marked increase in the number of newly funded accounts and the total account balance. Q2 2021 saw 153,100 funded accounts being added, representing an increase of 353.5% as compared to the prior year quarter and a 30.4% increase as compared to the prior quarter. more than 60% of the newly acquired accounts came from international markets.
Total account balance hit USD$23.9 billion in Q2 2021 despite the challenging market conditions. This represents nearly a tripling as compared to the prior year quarter and an 11.8% increase from the prior quarter. Total revenues came in at USD$60.2 million, representing a 98.7% increase from the prior year quarter. the company increased investment in self clearing, user acquisition and talent recruiting. These investments were deemed to be necessary to the company’s future growth. Accordingly, operating costs and expenses were higher than those reported for the prior year quarter.
Future Outlook for TIGR Stock
The company reported a strong quarter despite challenging market conditions, as evidenced by the strength of their financial reports for Q2 2021. TIGR stock is keen to maintain the momentum it has generated through to the upcoming quarters. Current and potential investors are hopeful that management will be able to leverage the resources at their disposal. This is hoped to facilitate significant and sustained increases in shareholder value.