Prudential PLC Raises Stake in PPDAI Group Inc. Sponsored ADR (NYSE:FINV)

Key Points

• Prudential PLC significantly boosted its holdings in PPDAI Group by 146.1% during the first quarter, owning approximately 1.22 million shares worth about $11.76 million.
• Several hedge funds have also increased their positions in PPDAI Group, with some showing increases of over 380% in recent quarters.
• PPDAI Group recently reported $0.41 earnings per share with a revenue of $479.70 million, and UBS upgraded its stock rating from "neutral" to "buy" with a price target of $12.10.

Prudential PLC increased its holdings in shares of PPDAI Group Inc. Sponsored ADR (NYSE:FINV - Free Report) by 146.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,221,489 shares of the company's stock after acquiring an additional 725,149 shares during the quarter. Prudential PLC owned about 0.48% of PPDAI Group worth $11,763,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the company. Ativo Capital Management LLC acquired a new stake in PPDAI Group during the 1st quarter worth approximately $7,113,000. Nuveen LLC acquired a new position in shares of PPDAI Group in the 1st quarter worth approximately $6,728,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of PPDAI Group by 134.4% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 980,945 shares of the company's stock worth $9,446,000 after purchasing an additional 562,468 shares during the period. Mackenzie Financial Corp acquired a new position in shares of PPDAI Group in the 4th quarter worth approximately $3,342,000. Finally, EAM Global Investors LLC bought a new stake in shares of PPDAI Group in the 4th quarter valued at $2,613,000. 31.15% of the stock is owned by institutional investors.

PPDAI Group Stock Up 5.9%

FINV stock traded up $0.52 during midday trading on Friday, reaching $9.34. 1,723,621 shares of the company's stock traded hands, compared to its average volume of 1,269,525. The company has a market cap of $2.37 billion, a price-to-earnings ratio of 6.82 and a beta of 0.35. The firm's fifty day moving average price is $9.35 and its 200-day moving average price is $8.76. PPDAI Group Inc. Sponsored ADR has a 52 week low of $5.14 and a 52 week high of $11.08.

PPDAI Group (NYSE:FINV - Get Free Report) last posted its earnings results 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 firm had revenue of $479.70 million during the quarter.

Analysts Set New Price Targets

Separately, UBS Group upgraded shares of PPDAI Group from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $11.80 to $12.10 in a research note on Friday, May 23rd.

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.