Why UP Fintech Holding Shares Are Soaring Today

UP Fintech Holding Ltd TIGR shares are trading significantly higher Friday after the company reported strong top-line results.

UP Fintech Holding said fourth-quarter revenue increased 31.7% year-over-year to $62.2 million.

The company added 61,400 funded accounts during the fourth quarter bringing total funded accounts to 673,400 at the end of 2021. 90% of newly funded accounts came from outside China in the fourth quarter. 

Total client assets on the company's platform increased by 7% year-over-year to $17.1 billion. UP Fintech attributed the increase to healthy net asset inflows during the quarter in excess of $2 billion.

UP Fintech Holding operates an online brokerage platform that enables investors to trade equities and other financial instruments on multiple exchanges.

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TIGR 52-Week Range: $2.68 - $29.93

The stock was up 38% at $5.66 at press time.