PPDAI Group (NYSE:FINV) Stock Price Down 6.3% – Here’s What Happened

PPDAI Group Inc. Sponsored ADR (NYSE:FINV) dropped 6.3% during trading on Friday . The stock traded as low as $8.92 and last traded at $8.83. Approximately 520,740 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 1,210,793 shares. The stock had previously closed at $9.42.

Analyst Ratings Changes

Separately, UBS Group raised shares of PPDAI Group from a “neutral” rating to a “buy” rating and upped their target price for the stock from $11.80 to $12.10 in a report on Friday, May 23rd.

PPDAI Group Price Performance

The firm has a market cap of $2.26 billion, a PE ratio of 6.52 and a beta of 0.39. The stock’s fifty day moving average price is $9.30 and its 200-day moving average price is $8.61.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of FINV. Farther Finance Advisors LLC acquired a new position in shares of PPDAI Group during the 2nd quarter valued at about $31,000. Quantbot Technologies LP acquired a new position in shares of PPDAI Group during the 1st quarter valued at about $62,000. NewEdge Advisors LLC boosted its position in shares of PPDAI Group by 381.1% during the 4th quarter. NewEdge Advisors LLC now owns 12,624 shares of the company’s stock valued at $86,000 after acquiring an additional 10,000 shares during the last quarter. Ameriprise Financial Inc. acquired a new position in shares of PPDAI Group during the 4th quarter valued at about $90,000. Finally, Lighthouse Investment Partners LLC acquired a new position in shares of PPDAI Group during the 4th quarter valued at about $99,000. Institutional investors and hedge funds own 31.15% of the company’s stock.

PPDAI Group Company Profile

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.