Yirendai (NYSE:YRD) Board of Directors Approves Share Buyback Program

Yirendai (NYSE:YRD) announced that its board has authorized a stock buyback plan on Thursday, July 2nd, RTT News reports. The company plans to buyback $0.00 in shares. This buyback authorization authorizes the technology company to buy shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Yirendai Price Performance

Shares of NYSE:YRD traded up $0.50 during trading hours on Thursday, hitting $1.41. The company’s stock had a trading volume of 56,231,693 shares, compared to its average volume of 106,776. The firm’s fifty day moving average price is $1.54 and its 200 day moving average price is $2.73. Yirendai has a 52 week low of $0.82 and a 52 week high of $6.79. The company has a market capitalization of $122.92 million, a price-to-earnings ratio of -1.19 and a beta of 1.13.

Yirendai (NYSE:YRD) last released its quarterly earnings data on Friday, June 26th. The technology company reported ($0.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($1.20). The business had revenue of $132.73 million for the quarter, compared to the consensus estimate of $237.43 million. Yirendai had a negative net margin of 14.35% and a negative return on equity of 7.58%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered Yirendai from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, May 22nd. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Yirendai presently has an average rating of “Sell”.

About Yirendai

Yirendai Ltd is a leading fintech credit marketplace in China, offering consumer financing solutions through a digital platform. As a subsidiary of CreditEase, one of the country’s earliest peer-to-peer lending pioneers, Yirendai facilitates connections between individual borrowers and institutional or retail investors. The company’s integrated platform handles borrower screening, credit assessment, risk management and loan servicing to deliver a streamlined, transparent lending experience.

The company provides unsecured personal loans for purposes such as debt consolidation, home improvement and small business investment.