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

PPDAI Group Inc. Sponsored ADR (NYSE:FINV) was up 4.3% during mid-day trading on Thursday. The stock traded as high as $3.07 and last traded at $3.0550. Approximately 792,549 shares traded hands 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.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on FINV shares. Citigroup restated a “neutral” rating and set a $4.10 price objective (down from $8.10) on shares of PPDAI Group in a research note on Friday, August 28th. 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. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, PPDAI Group currently has an average rating of “Reduce” and an average target price of $4.10.

PPDAI Group Trading Up 3.9%

The company has a current ratio of 2.84, a quick ratio of 2.84 and a debt-to-equity ratio of 0.07. The company has a market cap of $740.82 million, a price-to-earnings ratio of 2.87 and a beta of 0.33. The firm has a 50-day moving average price of $3.79 and a 200 day moving average price of $4.51.

PPDAI Group (NYSE:FINV) last released its 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 firm had revenue of $500.91 million during the quarter.

Hedge Funds Weigh In On PPDAI Group

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

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.