FinVolution Group (NYSE:FINV) Shares Gap Down – What’s Next?

FinVolution Group (NYSE:FINV)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $10.61, but opened at $9.70. FinVolution Group shares last traded at $10.11, with a volume of 380,400 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Citigroup upgraded shares of FinVolution Group from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $6.00 to $11.00 in a research note on Tuesday. UBS Group restated a “neutral” rating and issued a $11.80 price target (up previously from $7.80) on shares of FinVolution Group in a research note on Thursday.

FinVolution Group Price Performance

The business’s 50 day moving average is $8.16 and its 200 day moving average is $6.92. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of 8.64 and a beta of 0.47.

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

FinVolution Group Increases Dividend

The business also recently declared an annual dividend, which will be paid on Wednesday, May 7th. Investors of record on Wednesday, April 16th will be given a $0.277 dividend. The ex-dividend date is Wednesday, April 16th. This is a boost from FinVolution Group’s previous annual dividend of $0.24. This represents a yield of 2%. FinVolution Group’s payout ratio is 16.80%.

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

Institutional Investors Weigh In On FinVolution Group

A number of institutional investors and hedge funds have recently bought and sold shares of FINV. Leading Securities Co Ltd purchased a new stake in FinVolution Group in the fourth quarter valued at $14,091,000. Norges Bank purchased a new stake in shares of FinVolution Group in the fourth quarter valued at about $6,360,000. Prudential PLC purchased a new stake in shares of FinVolution Group in the fourth quarter valued at about $3,370,000. Mackenzie Financial Corp purchased a new stake in shares of FinVolution Group in the fourth quarter valued at about $3,342,000. Finally, Renaissance Group LLC purchased a new stake in shares of FinVolution Group in the fourth quarter valued at about $2,732,000. 31.15% of the stock is owned by hedge funds and other institutional investors.

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.