FinVolution Group (NYSE:FINV) Stock Rating Upgraded by Citigroup

FinVolution Group (NYSE:FINV) was upgraded by research analysts at Citigroup from a “neutral” rating to a “buy” rating in a report issued on Tuesday, MarketBeat.com reports. The firm presently has a $11.00 price target on the stock, up from their previous price target of $6.00. Citigroup’s target price points to a potential upside of 3.94% from the stock’s previous close.

FinVolution Group Stock Performance

FINV stock opened at $10.58 on Tuesday. The company has a market capitalization of $2.81 billion, a P/E ratio of 9.12 and a beta of 0.47. FinVolution Group has a 52-week low of $4.63 and a 52-week high of $11.08. The business has a 50-day simple moving average of $8.03 and a two-hundred day simple moving average of $6.86.

FinVolution Group (NYSE:FINV) last released its quarterly earnings results on Monday, March 17th. The company reported $0.38 earnings per share (EPS) for the quarter. FinVolution Group had a return on equity of 16.66% and a net margin of 17.36%. The business had revenue of $473.57 million during the quarter.

FinVolution Group declared that its board has approved a stock buyback program on Monday, March 17th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 6.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On FinVolution Group

Several hedge funds have recently modified their holdings of FINV. GSA Capital Partners LLP bought a new position in shares of FinVolution Group during the 3rd quarter worth approximately $261,000. Caprock Group LLC raised its holdings in shares of FinVolution Group by 27.1% in the 3rd quarter. Caprock Group LLC now owns 127,590 shares of the company’s stock worth $789,000 after purchasing an additional 27,183 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of FinVolution Group in the 3rd quarter worth approximately $434,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of FinVolution Group by 51.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 495,788 shares of the company’s stock worth $3,064,000 after purchasing an additional 169,344 shares during the period. Finally, Walleye Capital LLC raised its holdings in shares of FinVolution Group by 134.4% in the 3rd quarter. Walleye Capital LLC now owns 476,294 shares of the company’s stock worth $2,943,000 after purchasing an additional 273,055 shares during the period. Institutional investors own 31.15% of the company’s stock.

FinVolution 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.