Yiren Digital Ltd (NYSE: YRD) stock trades at $4.83 (up 7.81%) on June 11, 2021. The stock expects to reach a target of $6.50 if it sustains above $4.20.
Yiren Digital stock gained 23.05% in the first five months of this year.
Posts a growth of 7.52% YoY to $167.9 million
Yiren Digital reported revenues of $167.9 million (up 7.52% YoY) in Q1 2021. Its wealth management business posted a drop of 36.6% in Q1 2021, revenues to $40.3 million.
The drop in revenues in its wealth management business is on the backdrop of the spinoff of its legacy business.
Yiren Digital improved revenues from its credit business by 37.6% YoY to $127.6 million in Q1 2021. The company holds cash equivalents (CE) and a cash balance of $360.6 million at the end of Q1 2021.
The company served 2.462 million investors (up 2.8% QoQ) at the end of Q1 2021 in its wealth management space. Its active investors increased by 32.1% QoQ to 307,107.
Its investment product sales volumes are declined by 14.8% QoQ to $888.8 million in Q1 2021.
Yiren Digital’s loans are surged by 17.3% QoQ to $0.8 million in Q1 2021. Its outstanding loans rose by 25.9% QoQ to 1,703.2 million.
Yiren Digital’s CEO, Ning Tang, said the company transformed into a user-centric digital PFMP (personal financial management platform). It started the year with solid growth in loans and returned to profitability.
The company will address customers’ financial needs through online and offline channels to promote its growth.
Ning further said the company continues with solid growth in its credit growth in Q1 2021. Its registered users in the credit business are improved by 8% YoY to 95.8 million at the end of Q1 2021.
The company reported a growth of 83% QoQ in the number of borrowers to 346,000 in Q1 2021. It will delve into new opportunities using its strong solid balance sheet.