FinVolution Group (NYSE:FINV) Raised to Buy at Citigroup

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

FinVolution Group Trading Down 1.3 %

NYSE:FINV opened at $10.58 on Tuesday. The firm’s 50 day moving average is $8.03 and its 200 day moving average is $6.86. FinVolution Group has a 12 month low of $4.63 and a 12 month high of $11.08. The stock has a market capitalization of $2.81 billion, a PE ratio of 9.12 and a beta of 0.47.

FinVolution Group (NYSE:FINV) last issued its earnings results on Monday, March 17th. The company reported $0.38 earnings per share (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 for the quarter.

FinVolution Group announced that its Board of Directors has initiated a share repurchase plan on Monday, March 17th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 6.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On FinVolution Group

A number of hedge funds and other institutional investors have recently bought and sold shares of FINV. Leading Securities Co Ltd purchased a new position in shares of FinVolution Group during the 4th quarter valued at $14,091,000. Norges Bank purchased a new position in shares of FinVolution Group during the 4th quarter valued at $6,360,000. Prudential PLC purchased a new position in shares of FinVolution Group during the 4th quarter valued at $3,370,000. Mackenzie Financial Corp purchased a new position in shares of FinVolution Group during the 4th quarter valued at $3,342,000. Finally, Renaissance Group LLC purchased a new position in shares of FinVolution Group during the 4th quarter valued at $2,732,000. 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.