QRG Capital Management Inc. Purchases 49,137 Shares of PPDAI Group Inc. Sponsored ADR (NYSE:FINV)

QRG Capital Management Inc. raised its stake in PPDAI Group Inc. Sponsored ADR (NYSE:FINV - Free Report) by 67.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 121,456 shares of the company's stock after buying an additional 49,137 shares during the quarter. QRG Capital Management Inc.'s holdings in PPDAI Group were worth $1,170,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. IMC Chicago LLC bought a new position in PPDAI Group in the first quarter valued at approximately $394,000. Northern Trust Corp lifted its stake in PPDAI Group by 41.4% in the fourth quarter. Northern Trust Corp now owns 296,256 shares of the company's stock valued at $2,012,000 after buying an additional 86,729 shares in the last quarter. Leading Securities Co Ltd bought a new position in PPDAI Group in the fourth quarter valued at approximately $14,091,000. Sanctuary Advisors LLC bought a new position in PPDAI Group in the fourth quarter valued at approximately $976,000. Finally, Ameriprise Financial Inc. bought a new position in PPDAI Group in the fourth quarter valued at approximately $90,000. Institutional investors own 31.15% of the company's stock.

PPDAI Group Stock Down 2.5%

Shares of FINV stock traded down $0.24 during trading on Friday, reaching $9.27. The company's stock had a trading volume of 15,385,678 shares, compared to its average volume of 891,844. The business has a fifty day moving average price of $8.38 and a 200-day moving average price of $8.09. The company has a market cap of $2.35 billion, a price-to-earnings ratio of 6.77 and a beta of 0.37. PPDAI Group Inc. Sponsored ADR has a one year low of $4.63 and a one year high of $11.08.

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

PPDAI Group announced that its board has initiated a stock buyback program on Monday, March 17th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 6.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

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

About PPDAI Group

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.