10 Best NYSE Penny Stocks To Buy

7. FinVolution Group (NYSE:FINV)

Share Price as of June 27: $4.64

Number of Hedge Fund Holders: 11

FinVolution Group (NYSE:FINV), previously known as PPDAI Group Inc., is a China-based company that runs a fintech platform. In Q1, 11 hedge funds had investments in FinVolution Group (NYSE:FINV), with positions worth $28.142 million. GLG Partners is the most dominant shareholder in the company as of Q1 with a stake worth $13.54 million. It is one of the best NYSE penny stocks to buy.

FinVolution Group’s (NYSE:FINV) strong performance in the first quarter of 2024 highlights its effective strategy and resilience across both domestic and international markets. With a clear focus on its “Local Focus, Global Outlook” approach, the company has significantly expanded its reach and served approximately 31 million borrowers across China, Indonesia, and the Philippines as of the first quarter.

During the quarter, international revenue increased to RMB595 million, up 33% year-over-year, which accounted for 19% of the total revenue of $438.4 million. In Indonesia, FinVolution Group capitalized on a favorable economic climate, characterized by GDP growth exceeding 5% in 2023 driven by robust domestic consumption and increased investment. In the first quarter alone, transaction volume in Indonesia surged by 41% year-over-year to RMB2.21 billion, with outstanding loan balances climbing 34% to RMB1.27 billion. The Philippines is another important international market for the company, where the economic outlook remains optimistic with projected GDP growth between 6% to 7% for 2024. This positive forecast aligns well with FinVolution Group’s (NYSE:FINV) growth strategy, driving substantial year-over-year transaction volume growth of RMB560 million, which increased by 194% year-over-year and 27% sequentially.

FinVolution Group’s valuation makes it a stock worthy of attention. The company is trading at an earnings multiple of 3.59x its 2024 earnings which makes it a dirt cheap stock in the fintech space. Moreover, analysts also see the stock in quite a favorable light as all seven analysts that have covered the stock keep a Buy rating on it. Their average price target shows a 39% upside to the stock from current levels on June 27.