Yirendai Ltd. (YRD) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Yirendai Ltd. (NYSE:YRD) from a hold rating to a buy rating in a report released on Friday morning. They currently have $46.00 target price on the technology company’s stock.

According to Zacks, “Yirendai Ltd. is involved in the online consumer finance business. Yirendai Ltd. is based in Beijing, China. “

A number of other equities research analysts also recently weighed in on the company. Needham & Company LLC boosted their target price on Yirendai from $42.00 to $50.00 and gave the stock a buy rating in a research report on Wednesday. Citigroup Inc. began coverage on Yirendai in a research report on Tuesday. They set a buy rating for the company. Macquarie began coverage on Yirendai in a research report on Tuesday. They set an outperform rating and a $60.00 target price for the company. Finally, ValuEngine downgraded Yirendai from a strong-buy rating to a buy rating in a research report on Tuesday, October 3rd. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $43.00.

Shares of Yirendai (NYSE YRD) traded up $0.90 on Friday, reaching $41.55. The company’s stock had a trading volume of 780,782 shares, compared to its average volume of 523,455. Yirendai has a 52-week low of $19.85 and a 52-week high of $53.50. The company has a market cap of $2,430.00 and a P/E ratio of 13.25.

Yirendai (NYSE:YRD) last released its earnings results on Tuesday, November 14th. The technology company reported $0.74 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.04). The firm had revenue of $227.50 million for the quarter, compared to the consensus estimate of $201.27 million. Yirendai had a return on equity of 80.19% and a net margin of 27.09%. The company’s revenue was up 73.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.85 EPS. sell-side analysts expect that Yirendai will post 3.04 earnings per share for the current fiscal year.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sylebra HK Co Ltd increased its holdings in Yirendai by 60.6% in the third quarter. Sylebra HK Co Ltd now owns 1,377,270 shares of the technology company’s stock valued at $57,763,000 after purchasing an additional 519,576 shares during the last quarter. AMP Capital Investors Ltd bought a new stake in Yirendai in the third quarter valued at about $990,000. Invictus RG bought a new stake in Yirendai in the third quarter valued at about $268,000. JPMorgan Chase & Co. increased its holdings in Yirendai by 2,216.1% in the third quarter. JPMorgan Chase & Co. now owns 3,173 shares of the technology company’s stock valued at $137,000 after purchasing an additional 3,036 shares during the last quarter. Finally, Peregrine Asset Advisers Inc. bought a new stake in Yirendai in the third quarter valued at about $252,000. Institutional investors and hedge funds own 6.62% of the company’s stock.

About Yirendai

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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