LexinFintech (LX) Shares Down 5.2%

LexinFintech Holdings Ltd – (NASDAQ:LX) shares dropped 5.2% during mid-day trading on Friday . The company traded as low as $10.00 and last traded at $10.00. Approximately 609,100 shares traded hands during mid-day trading, an increase of 43% from the average daily volume of 425,201 shares. The stock had previously closed at $10.55.

Several research analysts recently weighed in on the company. Zacks Investment Research downgraded LexinFintech from a “strong-buy” rating to a “hold” rating in a research note on Sunday, July 15th. Bank of America dropped their target price on LexinFintech from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, August 27th.

The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $1.64 billion and a price-to-earnings ratio of 45.45.

LexinFintech (NASDAQ:LX) last announced its earnings results on Thursday, August 23rd. The company reported $0.42 earnings per share for the quarter. The business had revenue of $269.47 million for the quarter. As a group, analysts forecast that LexinFintech Holdings Ltd – will post 0.98 EPS for the current year.

A number of hedge funds have recently made changes to their positions in LX. Krane Funds Advisors LLC purchased a new stake in LexinFintech during the 2nd quarter valued at about $4,783,000. Raymond James & Associates purchased a new stake in LexinFintech during the 2nd quarter valued at about $294,000. Jane Street Group LLC purchased a new stake in LexinFintech during the 2nd quarter valued at about $448,000. Bank of Montreal Can purchased a new stake in LexinFintech during the 3rd quarter valued at about $187,000. Finally, Bank of America Corp DE purchased a new stake in LexinFintech during the 2nd quarter valued at about $1,250,000. Hedge funds and other institutional investors own 6.95% of the company’s stock.

About LexinFintech (NASDAQ:LX)

LexinFintech Holdings Ltd., through its subsidiaries, operates as an online consumer finance platform for young adults in the People's Republic of China. The company operates Fenqile, an online consumer finance platform that offers personal installment loans, installment purchase loans, and other loan products, as well as Le Card credit line.

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