Shares brokerage company UP Fintech (TIGR) have been advancing in price thanks to the company’s enhanced platform capabilities. However, given that TIGR reported disappointing earnings in its fiscal second quarter, let's evaluate if it is wise to add the stock to one’s portfolio now. Read on.Online brokerage firm UP Fintech Holding Limited (TIGR), which is headquartered in the Chaoyang District in China, is known as the ‘Robinhood (NASDAQ:HOOD) of China,’ enabling investors to trade on multiple exchanges worldwide. The company reported solid revenues for the second quarter, and more than 60% of its newly funded accounts were derived from international markets in the quarter.
However, the stock has lost 57.4% in price over the past three months to close yesterday’s trading session at $7.91. It is currently trading 79.4% below its 52-week high of $38.50, which it hit on February 19, 2021.Furthermore, its losses widened in the second quarter. So, TIGR’s near-term prospects look bleak.
Also, TIGR could face regulatory jeopardy with China's new personal data privacy law taking effect on November 1.