PPDAI Group (NYSE:FINV) Stock Price Up 4.3% – Here’s What Happened

Shares of PPDAI Group Inc. Sponsored ADR (NYSE:FINV) shot up 4.3% during trading on Thursday. The company traded as high as $3.07 and last traded at $3.0550. Approximately 792,549 shares were traded during mid-day trading, a decline of 22% from the average daily volume of 1,016,908 shares. The stock had previously closed at $2.93.

Analysts Set New Price Targets

FINV has been the topic of a number of research analyst reports. Weiss Ratings downgraded shares of PPDAI Group from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, October 2nd. Citigroup reissued a “neutral” rating and set a $4.10 price target (down from $8.10) on shares of PPDAI Group in a report on Friday, August 28th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $4.10.

PPDAI Group Stock Performance

The business’s fifty day moving average is $3.72 and its 200-day moving average is $4.48. The company has a quick ratio of 2.84, a current ratio of 2.84 and a debt-to-equity ratio of 0.07. The company has a market cap of $743.25 million, a PE ratio of 2.88 and a beta of 0.33.

PPDAI Group (NYSE:FINV) last issued its quarterly earnings results on Friday, August 14th. The company reported $0.28 earnings per share for the quarter. PPDAI Group had a net margin of 14.49% and a return on equity of 12.31%. The business had revenue of $500.91 million for the quarter.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in PPDAI Group stock. Engineers Gate Manager LP bought a new position in shares of PPDAI Group Inc. Sponsored ADR (NYSE:FINV) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 25,543 shares of the company’s stock, valued at approximately $122,000. 31.15% of the stock is currently owned by hedge funds and other institutional investors.

About PPDAI Group

PPDAI Group Inc, now known as FinVolution Group, is a Chinese fintech company that operates an online consumer finance platform. The company uses technology, data analytics and risk-management tools to connect individual borrowers with funding sources and facilitate unsecured consumer loans.

Its services generally include borrower acquisition, credit assessment, loan matching and facilitation, payment processing, and post-loan management. FinVolution serves consumers who may have limited access to traditional banking services and works with institutional funding partners and other financial institutions through its technology platform.

Founded in 2007, the company was originally known as PPDAI and later adopted the FinVolution name as part of its broader technology and international strategy.