Yirendai Ltd. (NYSE:YRD) was down 12.2% on Tuesday following a dissappointing earnings announcement. The stock traded as low as $32.10 and last traded at $33.59, with a volume of 2,543,375 shares trading hands. The stock had previously closed at $38.26.
The technology company reported $0.66 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.70 by $0.04. The company had revenue of $773.79 million for the quarter, compared to analysts’ expectations of $153.78 million. Yirendai had a net margin of 32.37% and a return on equity of 80.79%. The firm’s revenue for the quarter was up 343.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.66 earnings per share.
The business also recently disclosed a special dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be given a dividend of $1.50 per share. The ex-dividend date is Thursday, September 28th.
A number of research analysts have issued reports on YRD shares. Zacks Investment Research raised shares of Yirendai from a “hold” rating to a “strong-buy” rating and set a $27.00 price objective on the stock in a research report on Wednesday, May 24th. ValuEngine downgraded shares of Yirendai from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 1st. Finally, Needham & Company LLC reissued a “buy” rating and set a $42.00 price objective (up from $33.00) on shares of Yirendai in a research report on Tuesday, August 1st. They noted that the move was a valuation call.
Hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC acquired a new stake in Yirendai during the fourth quarter worth $1,090,000. First Trust Advisors LP boosted its position in shares of Yirendai by 37.3% in the first quarter. First Trust Advisors LP now owns 46,295 shares of the technology company’s stock worth $1,162,000 after buying an additional 12,581 shares during the last quarter. Koch Industries Inc. boosted its position in shares of Yirendai by 74.7% in the first quarter. Koch Industries Inc. now owns 18,577 shares of the technology company’s stock worth $466,000 after buying an additional 7,942 shares during the last quarter. Fox Run Management L.L.C. purchased a new position in shares of Yirendai during the second quarter worth about $220,000. Finally, Sei Investments Co. purchased a new position in shares of Yirendai during the first quarter worth about $176,000. 6.08% of the stock is currently owned by hedge funds and other institutional investors.
The stock has a 50-day moving average price of $33.48 and a 200 day moving average price of $26.77. The stock has a market cap of $2.39 billion, a P/E ratio of 12.00 and a beta of 8.56.
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Yirendai Ltd. is engaged in online consumer finance marketplace business in China. The Company conducts its business in China, through Yi Ren Heng Ye Technology Development (Beijing) Co, Ltd. (Heng Ye) and its consolidated variable interest entity, Heng Cheng Technology Development (Beijing) Co, Ltd.
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