FinVolution Group (NYSE:FINV) Shares Gap Up – Time to Buy?

Shares of FinVolution Group (NYSE:FINV) 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.

Analysts Set New Price Targets

Separately, Citigroup upgraded shares of FinVolution Group from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $6.00 to $11.00 in a report on Tuesday.

FinVolution Group Trading Up 17.1 %

The company’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 cap of $2.83 billion, a P/E 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 earnings per share for the quarter. FinVolution Group had a net margin of 17.36% and a return on equity of 16.66%. The company had revenue of $473.57 million during the quarter.

FinVolution Group declared that its board has initiated a share repurchase plan on Monday, March 17th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to purchase up to 6.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FINV. GSA Capital Partners LLP acquired a new position in FinVolution Group during the 3rd quarter valued at about $261,000. Caprock Group LLC boosted its stake in FinVolution Group by 27.1% during the 3rd quarter. Caprock Group LLC now owns 127,590 shares of the company’s stock valued at $789,000 after purchasing an additional 27,183 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in FinVolution Group during the 3rd quarter valued at about $434,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in FinVolution Group by 51.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 495,788 shares of the company’s stock valued at $3,064,000 after purchasing an additional 169,344 shares during the period. Finally, Walleye Capital LLC boosted its stake in FinVolution Group by 134.4% during the 3rd quarter. Walleye Capital LLC now owns 476,294 shares of the company’s stock valued at $2,943,000 after purchasing an additional 273,055 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.