Principal Financial Group Inc. Grows Stock Holdings in LexinFintech Holdings Ltd. Sponsored ADR $LX

Key Points

• Principal Financial Group increased its LexinFintech stake by 30.5% in the first quarter, adding 788,840 shares to own 3.38 million shares, or about 2.01% of the company.
• Several other institutions also raised their positions, including Anatole Investment Management, Man Group, and Bank of America, whose holdings grew by 79.6%, 28.2%, and 320.4%, respectively.
• LexinFintech shares opened at $1.46, near their 52-week low of $1.41, while analysts maintained a consensus “Hold” rating with an average price target of $3.50.

Principal Financial Group Inc. grew its stake in LexinFintech Holdings Ltd. Sponsored ADR (NASDAQ:LX - Free Report) by 30.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,379,109 shares of the company's stock after purchasing an additional 788,840 shares during the period. Principal Financial Group Inc. owned approximately 2.01% of LexinFintech worth $7,366,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in LX. Anatole Investment Management Ltd boosted its stake in LexinFintech by 79.6% during the fourth quarter. Anatole Investment Management Ltd now owns 4,870,383 shares of the company's stock worth $15,926,000 after buying an additional 2,159,246 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of LexinFintech by 2.1% during the 3rd quarter. Vanguard Group Inc. now owns 4,642,573 shares of the company's stock worth $24,745,000 after acquiring an additional 94,490 shares during the period. Man Group plc raised its holdings in shares of LexinFintech by 28.2% during the 3rd quarter. Man Group plc now owns 4,384,533 shares of the company's stock worth $23,370,000 after acquiring an additional 964,562 shares during the period. Alliancebernstein L.P. boosted its position in shares of LexinFintech by 4.1% during the 2nd quarter. Alliancebernstein L.P. now owns 3,865,830 shares of the company's stock valued at $27,873,000 after acquiring an additional 150,511 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in shares of LexinFintech by 320.4% during the 3rd quarter. Bank of America Corp DE now owns 3,861,508 shares of the company's stock valued at $20,582,000 after acquiring an additional 2,942,964 shares during the last quarter.

LexinFintech Price Performance

NASDAQ:LX opened at $1.46 on Tuesday. LexinFintech Holdings Ltd. Sponsored ADR has a 52 week low of $1.41 and a 52 week high of $7.06. The company has a quick ratio of 2.02, a current ratio of 2.03 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $244.55 million, a P/E ratio of 1.27 and a beta of 0.82. The stock's fifty day moving average is $1.91 and its two-hundred day moving average is $2.34.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on LX. Weiss Ratings cut shares of LexinFintech from a "hold (c)" rating to a "hold (c-)" rating in a research report on Monday, June 1st. Wall Street Zen cut shares of LexinFintech from a "buy" rating to a "hold" rating in a research note on Saturday. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $3.50.

LexinFintech Profile

LexinFintech Holdings Ltd. NASDAQ: LX is a China-based consumer finance and digital banking platform primarily serving young, underbanked consumers. The company's core offering is point-of-sale installment financing, enabling eligible customers to split purchases into fixed monthly payments with transparent fees. Leveraging proprietary data analytics and credit scoring models, LexinFintech underwrites consumer loans for online purchases and provides credit lines that support a variety of retail and e-commerce transactions.

In addition to its flagship installment loan service, LexinFintech has developed wealth management and fintech-as-a-service products.

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