Envestnet Portfolio Solutions Inc. Invests $111,000 in PPDAI Group Inc. Sponsored ADR (NYSE:FINV)

Envestnet Portfolio Solutions Inc. bought a new stake in shares of PPDAI Group Inc. Sponsored ADR (NYSE:FINV) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 11,563 shares of the company’s stock, valued at approximately $111,000.

Other institutional investors have also recently added to or reduced their stakes in the company. WealthCollab LLC increased its stake in PPDAI Group by 8.5% during the 4th quarter. WealthCollab LLC now owns 18,708 shares of the company’s stock worth $127,000 after buying an additional 1,459 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of PPDAI Group by 5.5% in the first quarter. SG Americas Securities LLC now owns 29,753 shares of the company’s stock worth $287,000 after acquiring an additional 1,554 shares during the last quarter. D Orazio & Associates Inc. boosted its stake in shares of PPDAI Group by 4.4% in the first quarter. D Orazio & Associates Inc. now owns 47,576 shares of the company’s stock worth $458,000 after acquiring an additional 2,011 shares during the last quarter. LPL Financial LLC increased its position in shares of PPDAI Group by 5.3% during the fourth quarter. LPL Financial LLC now owns 44,870 shares of the company’s stock worth $305,000 after purchasing an additional 2,257 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in PPDAI Group by 21.2% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 23,722 shares of the company’s stock valued at $164,000 after purchasing an additional 4,146 shares during the last quarter. Institutional investors and hedge funds own 31.15% of the company’s stock.

PPDAI Group Price Performance

FINV opened at $9.20 on Wednesday. The firm has a market capitalization of $2.33 billion, a price-to-earnings ratio of 6.72 and a beta of 0.39. The company’s 50 day simple moving average is $8.68 and its two-hundred day simple moving average is $8.22. PPDAI Group Inc. Sponsored ADR has a 1-year low of $4.77 and a 1-year high of $11.08.

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

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

Analyst Ratings Changes

A number of research analysts have weighed in on FINV shares. Citigroup upgraded PPDAI Group from a “neutral” rating to a “buy” rating and raised their price objective for the company from $6.00 to $11.00 in a report on Tuesday, March 18th. UBS Group raised shares of PPDAI Group from a “neutral” rating to a “buy” rating and raised their price target for the stock 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.