Penny Stocks To Watch #3: FinVolution Group
FinVolution Group (FINV Stock Report) saw its first big day of momentum in months, on Thursday. The penny stock has been mounting a comeback of sorts ever since mid-March. August 20th saw FINV stock hit a new 2020 high of $2.95 during the morning session and more than 11 million shares had traded by the early lunch hour. The move came a day after FinVolution announced its formal earnings results date – August 25th.
What’s more is that insiders are continuing to buy the penny stock. According to an update earlier this month, the company announced that Shaofeng Gu, Chairman and Chief Innovation Officer, continued to purchase in his personal capacity 1.46 million of the company’s stock in Q2. As of June 30, 2020, Shaofeng Gu beneficially owned 412,257,375 ordinary shares, representing approximately 27.7% of ownership in the company.
If you couldn’t guess by the name, FinVolution is in the FinTech industry. The company connects underserved individual borrowers with financial institutions. Considering earnings are coming up at the top of the week next week, could this momentum stem from speculative trading? In its last earnings report, the company beat estimates on both EPS and revenue. It’s Q1 GAAP EPS came in at $0.0385 which beat by $0.01 and revenue came in at $297.47M (+40.8% Y/Y).
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