PPDAI Group (NYSE:FINV) Sees Large Volume Increase - Still a Buy?

Shares of PPDAI Group Inc. Sponsored ADR (NYSE:FINV - Get Free Report) saw unusually-high trading volume on Friday . Approximately 11,611,129 shares changed hands during trading, an increase of 1,038% from the previous session's volume of 1,019,944 shares.The stock last traded at $9.48 and had previously closed at $9.51.

Analyst Ratings Changes

FINV has been the subject of several recent research reports. UBS Group upgraded shares of PPDAI Group from a "neutral" rating to a "buy" rating and boosted their price target for the company from $11.80 to $12.10 in a report on Friday, May 23rd. Citigroup raised shares of PPDAI Group from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $6.00 to $11.00 in a report on Tuesday, March 18th.

PPDAI Group Trading Down 0.8%

The stock has a market capitalization of $2.39 billion, a P/E ratio of 6.89 and a beta of 0.37. The company has a 50-day moving average price of $8.34 and a 200 day moving average price of $8.07.

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

PPDAI Group declared that its Board of Directors has initiated a stock buyback plan on Monday, March 17th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 6.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Institutional Investors Weigh In On PPDAI Group

Several institutional investors have recently added to or reduced their stakes in the business. Leading Securities Co Ltd acquired a new position in shares of PPDAI Group during the fourth quarter valued at about $14,091,000. Norges Bank acquired a new position in PPDAI Group during the 4th quarter valued at approximately $6,360,000. Millennium Management LLC increased its stake in PPDAI Group by 573.9% during the 1st quarter. Millennium Management LLC now owns 1,050,439 shares of the company's stock valued at $10,116,000 after purchasing an additional 894,566 shares in the last quarter. Ativo Capital Management LLC purchased a new position in shares of PPDAI Group in the first quarter worth $7,113,000. Finally, Prudential PLC lifted its stake in shares of PPDAI Group by 146.1% during the first quarter. Prudential PLC now owns 1,221,489 shares of the company's stock worth $11,763,000 after buying an additional 725,149 shares during the period. Institutional investors and hedge funds own 31.15% of the company's stock.

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.

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