Allspring Global Investments Holdings LLC Has $931,000 Stake in PPDAI Group Inc. Sponsored ADR (NYSE:FINV)

Allspring Global Investments Holdings LLC trimmed its stake in shares of PPDAI Group Inc. Sponsored ADR (NYSE:FINV - Free Report) by 96.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 96,635 shares of the company's stock after selling 2,869,363 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in PPDAI Group were worth $931,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FINV. Aigen Investment Management LP bought a new stake in shares of PPDAI Group in the 4th quarter worth approximately $75,000. NewEdge Advisors LLC raised its holdings in shares of PPDAI Group by 381.1% in the 4th quarter. NewEdge Advisors LLC now owns 12,624 shares of the company's stock worth $86,000 after purchasing an additional 10,000 shares in the last quarter. Ameriprise Financial Inc. bought a new stake in shares of PPDAI Group in the 4th quarter worth approximately $90,000. Lighthouse Investment Partners LLC bought a new stake in shares of PPDAI Group in the 4th quarter worth approximately $99,000. Finally, Envestnet Portfolio Solutions Inc. bought a new stake in shares of PPDAI Group in the 1st quarter worth approximately $111,000. 31.15% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Citigroup upgraded shares of PPDAI Group from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $6.00 to $11.00 in a report on Tuesday, March 18th. UBS Group raised shares of PPDAI Group from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $11.80 to $12.10 in a research report on Friday, May 23rd.

PPDAI Group Stock Up 2.5%

Shares of PPDAI Group stock traded up $0.26 on Friday, hitting $10.57. 2,298,785 shares of the company traded hands, compared to its average volume of 942,875. The company has a 50-day moving average price of $9.02 and a 200 day moving average price of $8.38. PPDAI Group Inc. Sponsored ADR has a 12-month low of $4.93 and a 12-month high of $11.08. The company has a market cap of $2.68 billion, a PE ratio of 7.31 and a beta of 0.39.

PPDAI Group (NYSE:FINV - Get Free Report) last released its quarterly earnings data on Tuesday, May 20th. The company reported $0.41 earnings per share (EPS) for the quarter. PPDAI Group had a net margin of 19.44% and a return on equity of 18.15%. The business had revenue of $479.70 million during the quarter.

PPDAI Group declared that its Board of Directors has approved a share buyback plan on Monday, March 17th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to reacquire up to 6.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its shares are undervalued.

PPDAI Group Company Profile

FinVolution Group operates in the online consumer finance industry. The company operates a fintech platform that is empowered by borrowers with financial institutions. It operates in China and internationally. The company was formerly known as PPDAI Group Inc and changed its name to FinVolution Group in November 2019.