PPDAI Group (NYSE:FINV) Trading Up 4.2% - Here's What Happened

PPDAI Group Inc. Sponsored ADR (NYSE:FINV - Get Free Report) shares rose 4.2% during mid-day trading on Monday . The stock traded as high as $10.18 and last traded at $10.25. Approximately 338,528 shares were traded during trading, a decline of 63% from the average daily volume of 917,719 shares. The stock had previously closed at $9.84.

Wall Street Analyst Weigh In

FINV has been the topic of several research reports. UBS Group raised PPDAI Group from a "neutral" rating to a "buy" rating and upped their price target for the company from $11.80 to $12.10 in a research note on Friday, May 23rd. Citigroup raised PPDAI Group from a "neutral" rating to a "buy" rating and increased their target price for the company from $6.00 to $11.00 in a research note on Tuesday, March 18th.

PPDAI Group Price Performance

The firm has a 50 day simple moving average of $8.89 and a two-hundred day simple moving average of $8.32. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of 7.31 and a beta of 0.39.

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

PPDAI Group declared that its board has authorized a share buyback plan on Monday, March 17th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to purchase up to 6.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of PPDAI Group by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 5,250,278 shares of the company's stock valued at $35,649,000 after buying an additional 41,759 shares during the last quarter. Bank of America Corp DE lifted its position in shares of PPDAI Group by 2.8% in the fourth quarter. Bank of America Corp DE now owns 3,162,853 shares of the company's stock valued at $21,476,000 after buying an additional 84,863 shares during the last quarter. Man Group plc lifted its position in shares of PPDAI Group by 3.4% in the fourth quarter. Man Group plc now owns 2,616,814 shares of the company's stock valued at $17,768,000 after buying an additional 86,411 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of PPDAI Group by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,329,814 shares of the company's stock valued at $15,820,000 after buying an additional 19,984 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of PPDAI Group by 20.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,217,497 shares of the company's stock valued at $15,057,000 after buying an additional 379,025 shares during the last quarter. 31.15% of the stock is currently owned by institutional investors.

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.