FinVolution Group (NYSE:FINV) Shares Gap Up – Still a Buy?

FinVolution Group (NYSE:FINV)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $9.12, but opened at $10.00. FinVolution Group shares last traded at $10.36, with a volume of 1,384,657 shares traded.

Wall Street Analyst Weigh In

Separately, Citigroup raised shares of FinVolution Group from a “neutral” rating to a “buy” rating and upped their price target for the stock from $6.00 to $11.00 in a research note on Tuesday.

FinVolution Group Stock Performance

The business’s 50 day moving average price is $7.87 and its two-hundred day moving average price is $6.80. The company has a market capitalization of $2.83 billion, a price-to-earnings ratio of 9.25 and a beta of 0.47.

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

FinVolution Group announced that its board has approved a stock repurchase plan on Monday, March 17th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to purchase up to 6.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of FinVolution Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ascent Group LLC lifted its stake in FinVolution Group by 55.6% during the fourth quarter. Ascent Group LLC now owns 25,866 shares of the company’s stock valued at $176,000 after purchasing an additional 9,239 shares during the last quarter. Mackenzie Financial Corp acquired a new stake in shares of FinVolution Group during the fourth quarter valued at approximately $3,342,000. Public Employees Retirement System of Ohio raised its holdings in shares of FinVolution Group by 13.2% during the fourth quarter. Public Employees Retirement System of Ohio now owns 224,096 shares of the company’s stock valued at $1,522,000 after acquiring an additional 26,104 shares during the period. Vise Technologies Inc. raised its holdings in shares of FinVolution Group by 77.8% during the fourth quarter. Vise Technologies Inc. now owns 43,986 shares of the company’s stock valued at $299,000 after acquiring an additional 19,247 shares during the period. Finally, Two Sigma Advisers LP raised its holdings in shares of FinVolution Group by 6.7% during the fourth quarter. Two Sigma Advisers LP now owns 410,300 shares of the company’s stock valued at $2,786,000 after acquiring an additional 25,700 shares during the period. 31.15% of the stock is owned by institutional investors and hedge funds.

About FinVolution Group

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.