Yirendai Ltd. (NYSE:YRD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $46.00 price target on the technology company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 4.38% from the stock’s previous close.

According to Zacks, “Yirendai Ltd. is involved in the online consumer finance business. Yirendai Ltd. is based in Beijing, China. “

A number of other equities research analysts have also recently weighed in on the company. ValuEngine raised Yirendai from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 24th. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 price objective (up from $33.00) on shares of Yirendai in a research note on Tuesday, August 1st. They noted that the move was a valuation call.

Shares of Yirendai (NYSE YRD) opened at 44.07 on Tuesday. Yirendai has a 52 week low of $19.74 and a 52 week high of $45.00. The company’s 50 day moving average price is $38.25 and its 200-day moving average price is $28.75. The stock has a market capitalization of $2.64 billion, a PE ratio of 13.09 and a beta of 8.56.

Yirendai (NYSE:YRD) last issued its quarterly earnings data on Tuesday, August 1st. The technology company reported $0.66 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.70 by ($0.04). Yirendai had a net margin of 32.37% and a return on equity of 80.79%. The firm had revenue of $773.79 million during the quarter, compared to analyst estimates of $153.78 million. During the same period in the previous year, the firm posted $0.66 earnings per share. The company’s quarterly revenue was up 343.4% compared to the same quarter last year. Equities research analysts predict that Yirendai will post $2.94 EPS for the current year.

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A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its stake in Yirendai by 4.2% during the 2nd quarter. Principal Financial Group Inc. now owns 31,505 shares of the technology company’s stock worth $788,000 after purchasing an additional 1,283 shares in the last quarter. Bank of America Corp DE grew its stake in Yirendai by 24.5% during the 1st quarter. Bank of America Corp DE now owns 7,644 shares of the technology company’s stock worth $192,000 after purchasing an additional 1,504 shares in the last quarter. Navellier & Associates Inc grew its stake in Yirendai by 11.5% during the 2nd quarter. Navellier & Associates Inc now owns 18,048 shares of the technology company’s stock worth $451,000 after purchasing an additional 1,861 shares in the last quarter. Global X Management Co. LLC grew its stake in Yirendai by 399.0% during the 2nd quarter. Global X Management Co. LLC now owns 8,224 shares of the technology company’s stock worth $206,000 after purchasing an additional 6,576 shares in the last quarter. Finally, Sei Investments Co. acquired a new position in Yirendai during the 1st quarter worth $176,000. 6.87% of the stock is owned by hedge funds and other institutional investors.

About Yirendai

Yirendai Ltd. is engaged in online consumer finance marketplace business in China. The Company conducts its business in China, through Yi Ren Heng Ye Technology Development (Beijing) Co, Ltd. (Heng Ye) and its consolidated variable interest entity, Heng Cheng Technology Development (Beijing) Co, Ltd.

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