Mitsubishi UFJ Asset Management Co. Ltd. Purchases 2,647 Shares of PPDAI Group Inc. Sponsored ADR (NYSE:FINV)

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of PPDAI Group Inc. Sponsored ADR (NYSE:FINV) by 11.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,369 shares of the company’s stock after purchasing an additional 2,647 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in PPDAI Group were worth $254,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in FINV. NewEdge Advisors LLC increased its position in PPDAI Group by 381.1% during the 4th quarter. NewEdge Advisors LLC now owns 12,624 shares of the company’s stock worth $86,000 after purchasing an additional 10,000 shares in the last quarter. Ameriprise Financial Inc. acquired a new position in PPDAI Group during the 4th quarter worth approximately $90,000. Lighthouse Investment Partners LLC acquired a new position in PPDAI Group during the 4th quarter worth approximately $99,000. Envestnet Portfolio Solutions Inc. acquired a new position in PPDAI Group in the 1st quarter valued at approximately $111,000. Finally, RHS Financial LLC acquired a new position in PPDAI Group in the 1st quarter valued at approximately $116,000. 31.15% of the stock is currently owned by institutional investors and hedge funds.

PPDAI Group Stock Performance

Shares of NYSE FINV opened at $8.82 on Friday. PPDAI Group Inc. Sponsored ADR has a 52-week low of $5.14 and a 52-week high of $11.08. The firm has a 50 day moving average price of $9.35 and a two-hundred day moving average price of $8.76. The stock has a market cap of $2.23 billion, a P/E ratio of 6.43 and a beta of 0.35.

PPDAI Group (NYSE:FINV) last announced its quarterly 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 firm had revenue of $479.70 million during the quarter.

Analyst Ratings Changes

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

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.