LexinFintech (NASDAQ:LX) Shares Gap Down – Here’s Why

LexinFintech Holdings Ltd. Sponsored ADR (NASDAQ:LX) shares gapped down prior to trading on Wednesday . The stock had previously closed at $3.96, but opened at $3.65. LexinFintech shares last traded at $3.6530, with a volume of 1,670,691 shares.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Wall Street Zen cut shares of LexinFintech from a “buy” rating to a “hold” rating in a research report on Saturday. Weiss Ratings restated a “hold (c+)” rating on shares of LexinFintech in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $13.60.

LexinFintech Price Performance

The firm has a market capitalization of $613.31 million, a P/E ratio of 2.86 and a beta of 0.51. The company has a current ratio of 1.89, a quick ratio of 1.88 and a debt-to-equity ratio of 0.11. The business’s fifty day moving average is $5.03 and its 200 day moving average is $6.37.

LexinFintech declared that its Board of Directors has authorized a share repurchase plan on Thursday, July 24th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On LexinFintech

Several large investors have recently made changes to their positions in the company. BRIGHT VALLEY CAPITAL Ltd grew its position in shares of LexinFintech by 33.0% during the 1st quarter. BRIGHT VALLEY CAPITAL Ltd now owns 5,305,208 shares of the company’s stock worth $53,530,000 after buying an additional 1,315,208 shares during the period. Acadian Asset Management LLC increased its holdings in shares of LexinFintech by 16.6% in the first quarter. Acadian Asset Management LLC now owns 4,669,331 shares of the company’s stock worth $47,092,000 after acquiring an additional 663,330 shares in the last quarter. Vanguard Group Inc. acquired a new stake in LexinFintech during the 1st quarter worth approximately $44,048,000. Allianz Asset Management GmbH bought a new stake in LexinFintech in the 1st quarter valued at $4,455,000. Finally, Nomura Holdings Inc. boosted its position in shares of LexinFintech by 437.7% during the first quarter. Nomura Holdings Inc. now owns 509,512 shares of the company’s stock worth $5,141,000 after buying an additional 414,749 shares during the period.

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.