Yirendai (NYSE:YRD) Board of Directors Authorizes Stock Repurchase Plan

Yirendai (NYSE:YRD) declared that its board has initiated a share repurchase program on Thursday, July 2nd, RTT News reports. The company plans to buyback $0.00 in shares. This buyback authorization allows the technology company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded Yirendai from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, May 22nd. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock currently has a consensus rating of “Sell”.

Yirendai Stock Up 55.8%

Shares of NYSE:YRD traded up $0.50 during trading on Thursday, reaching $1.41. 56,231,693 shares of the company’s stock traded hands, compared to its average volume of 106,776. Yirendai has a fifty-two week low of $0.82 and a fifty-two week high of $6.79. The company has a 50-day simple moving average of $1.54 and a 200-day simple moving average of $2.73. The firm has a market cap of $122.92 million, a PE ratio of -1.19 and a beta of 1.13.

Yirendai (NYSE:YRD) last issued its quarterly earnings data on Friday, June 26th. The technology company reported ($0.82) EPS for the quarter, missing the consensus estimate of $0.38 by ($1.20). The business had revenue of $132.73 million during the quarter, compared to analyst estimates of $237.43 million. Yirendai had a negative net margin of 14.35% and a negative return on equity of 7.58%.

About Yirendai

Yirendai Ltd is a leading fintech credit marketplace in China, offering consumer financing solutions through a digital platform. As a subsidiary of CreditEase, one of the country’s earliest peer-to-peer lending pioneers, Yirendai facilitates connections between individual borrowers and institutional or retail investors. The company’s integrated platform handles borrower screening, credit assessment, risk management and loan servicing to deliver a streamlined, transparent lending experience.

The company provides unsecured personal loans for purposes such as debt consolidation, home improvement and small business investment.