IMC Chicago LLC Makes New $394,000 Investment in PPDAI Group Inc. Sponsored ADR (NYSE:FINV)

IMC Chicago LLC bought a new stake in PPDAI Group Inc. Sponsored ADR (NYSE:FINV - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 40,954 shares of the company's stock, valued at approximately $394,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of PPDAI Group during the fourth quarter worth $28,000. Aigen Investment Management LP purchased a new stake in PPDAI Group in the fourth quarter valued at $75,000. NewEdge Advisors LLC grew its position in PPDAI Group by 381.1% during 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 during the period. Ameriprise Financial Inc. purchased a new position in shares of PPDAI Group during the 4th quarter valued at about $90,000. Finally, SVB Wealth LLC purchased a new position in shares of PPDAI Group during the 4th quarter valued at about $96,000. Hedge funds and other institutional investors own 31.15% of the company's stock.

Analyst Ratings Changes

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

PPDAI Group Price Performance

FINV stock traded up $0.32 during midday trading on Tuesday, hitting $9.29. 1,960,003 shares of the stock traded hands, compared to its average volume of 827,661. PPDAI Group Inc. Sponsored ADR has a 1-year low of $4.63 and a 1-year high of $11.08. The stock's fifty day simple moving average is $8.28 and its 200-day simple moving average is $8.04. The firm has a market cap of $2.35 billion, a P/E ratio of 6.78 and a beta of 0.37.

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

PPDAI Group announced that its board has approved a share buyback plan on Monday, March 17th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to repurchase up to 6.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

PPDAI Group 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.