UP Fintech (NASDAQ:TIGR) shares surged nearly 20% at the time of writing after the online brokerage services provider posted a healthy set of second-quarter numbers. During the quarter, revenue soared by 23.6% year-over-year to $66.1 million. The figure cruised past estimates by $21.4 million. EPADS (Earnings Per American Depository Share) of $0.09 also handily beat estimates by $0.05. In comparison, the company had posted an EPADS of $0.02 in the year-ago quarter.
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In Q2, TIGR added 29,077 funded accounts, with the total number of funded accounts reaching 840,900 at the end of the quarter. While net asset inflows remained strong at $1.6 billion, the company saw a mark-to-market loss of $492 million owing to souring equity markets.
Impressively, its international expansion is bearing fruit, and the company’s average customer acquisition cost (CAC) has now moderated to $161 from $171 in the prior quarter.
At present, Citi’s Judy Zhang, the lone analyst tracking TIGR, has reiterated a Buy rating on the stock alongside a $6.32 price target. This points to a nearly 45% potential upside in TIGR on top of a 40% price surge for the year so far.
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