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QD

Qudian

$4.39

-0.19 (-4.15%)

06:11
01/16/20
01/16
06:11
01/16/20
06:11

Qudian announces up to $500M share repurchase program

Qudian announced the board of directors of the company approved a new share repurchase program that authorized the company to repurchase up to $500M worth of its American depositary shares, or ADSs, each representing one Class A ordinary share, and/or Class A ordinary shares during the next 30-month period. The board approved the new share repurchase program, whereby Qudian is authorized to repurchase its own ADSs and/or Class A ordinary shares with an aggregate value of up to $500M during the next 30-month period. Under the new program, Qudian may purchase its ADSs and/or Class A ordinary shares through various means, including open market transactions, privately negotiated transactions, tender offers or any combination thereof. In addition, Qudian will also effect repurchase transactions in compliance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and its insider trading policy. Repurchases under the new program will be funded from Qudian's existing cash and cash equivalents and/or future cash provided by operating activities. As of September 30, 2019, Qudian had cash and cash equivalents of approximately $371.6M.

QD Qudian
$4.39

-0.19 (-4.15%)

11/20/19
NOMU
11/20/19
NO CHANGE
Target $6.51
NOMU
Neutral
Qudian price target lowered to $6.51 from $10 at Nomura Instinet
Nomura Instinet analyst Martin Ma lowered his price target for Qudian to $6.51 from $10 saying he remains cautious on the company's asset quality outlook. The analyst reduced his estimates to reflect worse than expected asset quality of Qudian's loan book business. Ma sees rising balance sheet risks and keeps a Neutral rating on Qudian.
11/20/19
MACQ
11/20/19
DOWNGRADE
Target $4
MACQ
Underperform
Qudian downgraded to Underperform from Neutral at Macquarie
Macquarie analyst Dexter Hsu downgraded Qudian to Underperform from Neutral with a price target of $4, down from $7. The analyst sees increasing risks from asset quality and regulation. Qudian's existing loan book has exposed its weakness in risk management, which will affect its open platform business, Hsu tells investors in a research note. He believes the company's strategy to save costs by exploiting its existing user base has translated into higher credit costs.
10/10/19
BOCM
10/10/19
INITIATION
Target $6.82
BOCM
Neutral
Qudian initiated with a Neutral rating at BOCOM
BOCOM analyst Hannah Han initiated coverage of Qudian with a Neutral rating and $6.82 price target.
05/14/19
CHRS
05/14/19
INITIATION
Target $8
CHRS
Hold
Qudian assumed with a Hold at China Renaissance
China Renaissance analyst Jiang Zhang assumed coverage of Qudian with a Hold rating and $8 price target, citing the company's uncertain long-term growth outlook.

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