The stock market has been tough to predict lately, with major market benchmarks remaining relatively close to all-time record highs but having trouble regaining momentum. Investors remain somewhat concerned about growth stocks, and that's a big reason why the Nasdaq Composite (^IXIC 0.00%) remains off its best levels. The Nasdaq was up just 0.1% as of 1:30 p.m. EDT.
However, a couple of stocks experienced much larger gains on Tuesday that helped keep the Nasdaq in positive territory. UP Fintech Holding (TIGR -0.28%) has been a big winner in the red-hot fintech industry lately, and its stock added to recent gains in today's session. Meanwhile, The Joint Corp. (JYNT 1.67%) is hardly a household name among most investors, but the stock got a boost as it will soon enjoy a much higher profile on Wall Street.
Shares of UP Fintech were higher by 16% Tuesday afternoon. The Chinese financial company posted solid quarterly results that highlighted the full extent of its growth opportunities.
UP Fintech's numbers were impressive. Total revenue jumped 256% to $81.3 million, while the company reversed a modest year-ago loss with sizable net income of $21.1 million. Adjusted earnings came in at more than 20 times where they were a year ago.
The operational performance from UP Fintech also helped boost the stock. Total account balances among customers of its Tiger Brokers unit almost quadrupled to $21.4 billion. The total number of outstanding accounts almost doubled to 1.4 million, while the number of customers with deposits soared 180% to 376,000. Trading volume and margin-financing figures also showed huge year-over-year growth.
UP Fintech has been able to benefit from the customer influx by reducing its relative spending and improving its margins. That trend is likely to continue, and as long as markets cooperate, the popularity of Tiger Brokers and UP Fintech should help provide stronger performance into the future.
Aligning for profits
Meanwhile, The Joint Corp. managed to see even bigger gains. The stock rose more than 20% Tuesday afternoon following the chiropractic company's getting some key recognition that could help raise awareness throughout the investing community.
The index managers at S&P Dow Jones Indices oversee which companies become part of key stock market benchmarks. Today, Joint Corp. got the good news that it will join the S&P SmallCap 600 index. The move will be effective prior to the market's opening this Thursday, May 27.
Joint Corp. has taken full advantage of rising interest in chiropractic treatment with its franchise-based chain of clinics. However, the company's growth rate slowed down markedly in 2020 due to the COVID-19 pandemic. Shareholders got a nice vote of confidence from first-quarter results last week that suggested the business was back on track.
Becoming part of a major stock index often brings a temporary bump in share prices, but the more important question for Joint Corp.'s success is whether the company can keep its positive momentum building for the rest of 2021. If it can, then today's rise could be just the beginning for its shareholders.