LexinFintech (NASDAQ:LX) Shares Gap Up - Here's Why

Shares of LexinFintech Holdings Ltd. Sponsored ADR (NASDAQ:LX - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $6.32, but opened at $7.00. LexinFintech shares last traded at $7.22, with a volume of 2,108,024 shares trading hands.

Analyst Ratings Changes

Separately, Wall Street Zen lowered shares of LexinFintech from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 27th.

LexinFintech Trading Down 2.6%

The firm has a market cap of $1.22 billion, a P/E ratio of 6.82 and a beta of 0.41. The company's 50 day simple moving average is $7.35 and its 200-day simple moving average is $7.91. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 0.12.

LexinFintech (NASDAQ:LX - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The company reported $0.33 earnings per share (EPS) for the quarter. The firm had revenue of $427.76 million for the quarter. LexinFintech had a net margin of 9.44% and a return on equity of 12.52%.

LexinFintech declared that its Board of Directors has initiated a stock buyback program on Monday, July 21st that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Aigen Investment Management LP acquired a new stake in shares of LexinFintech in the first quarter valued at about $103,000. Janney Montgomery Scott LLC acquired a new stake in shares of LexinFintech in the second quarter valued at about $75,000. Ameriprise Financial Inc. acquired a new position in LexinFintech during the fourth quarter worth about $61,000. CreativeOne Wealth LLC acquired a new position in LexinFintech during the first quarter worth about $107,000. Finally, Ballentine Partners LLC acquired a new position in LexinFintech during the second quarter worth about $86,000.

About LexinFintech

LexinFintech Holdings Ltd., through its subsidiaries, provides online consumer finance services in the People's Republic of China. The company operates Fenqile.com, an online consumption and consumer finance platform that offers installment purchase and personal installment loans, as well as online direct sales with installment payment terms; and Le Hua Card, a scenario-based lending.