LexinFintech (NASDAQ:LX) Raised to Buy at Wall Street Zen

LexinFintech (NASDAQ:LX) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

LexinFintech Price Performance

Shares of LX stock opened at $5.77 on Friday. LexinFintech has a 1 year low of $1.63 and a 1 year high of $11.64. The firm’s 50 day moving average is $6.38 and its 200-day moving average is $7.54. The firm has a market capitalization of $970.86 million, a price-to-earnings ratio of 4.54 and a beta of 0.54. The company has a current ratio of 1.89, a quick ratio of 1.88 and a debt-to-equity ratio of 0.11.

LexinFintech (NASDAQ:LX) last announced its earnings results on Thursday, August 7th. The company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.20. LexinFintech had a net margin of 11.50% and a return on equity of 14.67%. The company had revenue of $500.62 million for the quarter, compared to analyst estimates of $500.62 million.

LexinFintech declared that its Board of Directors has authorized a stock buyback plan on Monday, July 21st that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On LexinFintech

Large investors have recently bought and sold shares of the business. Bank of America Corp DE lifted its holdings in LexinFintech by 115.9% in the fourth quarter. Bank of America Corp DE now owns 1,134,716 shares of the company’s stock valued at $6,581,000 after buying an additional 609,233 shares during the period. BRIGHT VALLEY CAPITAL Ltd lifted its holdings in LexinFintech by 33.0% in the first quarter. BRIGHT VALLEY CAPITAL Ltd now owns 5,305,208 shares of the company’s stock valued at $53,530,000 after buying an additional 1,315,208 shares during the period. Man Group plc acquired a new position in LexinFintech in the fourth quarter valued at approximately $549,000. Ritholtz Wealth Management acquired a new position in LexinFintech in the first quarter valued at approximately $164,000. Finally, Squarepoint Ops LLC acquired a new position in LexinFintech in the fourth quarter valued at approximately $230,000.

About LexinFintech

LexinFintech Holdings Ltd., through its subsidiaries, provides online consumer finance services in the People's Republic of China. The company operates Fenqile.com, an online consumption and consumer finance platform that offers installment purchase and personal installment loans, as well as online direct sales with installment payment terms; and Le Hua Card, a scenario-based lending.