Connor Clark & Lunn Investment Management Ltd. Raises Stock Holdings in PPDAI Group Inc. Sponsored ADR (NYSE:FINV)

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of PPDAI Group Inc. Sponsored ADR (NYSE:FINV) by 134.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 980,945 shares of the company’s stock after acquiring an additional 562,468 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.39% of PPDAI Group worth $9,446,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of PPDAI Group during the first quarter valued at approximately $111,000. RHS Financial LLC purchased a new position in PPDAI Group in the first quarter valued at approximately $116,000. NewEdge Advisors LLC lifted its stake in PPDAI Group by 381.1% in the fourth quarter. NewEdge Advisors LLC now owns 12,624 shares of the company’s stock valued at $86,000 after purchasing an additional 10,000 shares during the last quarter. Ameriprise Financial Inc. purchased a new position in PPDAI Group in the fourth quarter valued at approximately $90,000. Finally, Lighthouse Investment Partners LLC purchased a new position in PPDAI Group in the fourth quarter valued at approximately $99,000. 31.15% of the stock is owned by hedge funds and other institutional investors.

PPDAI Group Trading Down 2.8%

PPDAI Group stock opened at $8.98 on Tuesday. PPDAI Group Inc. Sponsored ADR has a 12 month low of $5.14 and a 12 month high of $11.08. The business’s 50 day simple moving average is $9.32 and its 200 day simple moving average is $8.74. The company has a market cap of $2.27 billion, a price-to-earnings ratio of 6.55 and a beta of 0.35.

PPDAI Group (NYSE:FINV) last issued 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 for the quarter.

Wall Street Analysts Forecast Growth

Separately, UBS Group upgraded PPDAI Group from a “neutral” rating to a “buy” rating and upped their price objective for the company from $11.80 to $12.10 in a research note on Friday, May 23rd.

PPDAI Group 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.