Shares of Jiayin Group Inc. (JFIN) were down on Friday after soaring in yesterday’s trading amid NFTs speculations. JFIN stock price was down by 7.23% to drop at $8.73 a share at the time of this writing as profit takers stepped in. At the previous closing, the JFIN stock soared by 73.62% to reach a $9.41 per share price. Let’s understand more of it.
What’s happening?
Jiayin Group Inc. (JFIN) is an online finance marketplace connecting both individual investors and borrowers in China. The falling JFIN stock price has nothing to do with any particular event by the Jiayin Group.There was no news by the JFIN, no press release, no earnings report today, no analyst downgrades or shrank targeted per-share price, no filings by any law firm on behalf of JFIN shareholders to justify the reason behind this bearish sentiment.On the prior day, JFIN stock was significantly up due to speculations related to non-fungible tokens(NFTs). That bullish sentiment resulted in the trading of more than 100 million shares of JFIN stock till 1 PM est. The average volume of JFIN stock is approximately 290,000 shares.
On March 8, 2021, Jiayin stock appointed Marcum Bernstein & Pinchuk LLP as an independent registered public accounting firm of the Jiayin. Previously Deloitte Touche Tohmatsu Certified Public Accountants LLP was serving the JFIN since 2017. Back in February 2021, Mr. Jiong Feng stepped back from his responsibilities due to some personal reasons. He was serving as Chief Technology Officer since 2013. Mr. Chongxian took the place of Mr. Jiong to ensure the continuity of Jiayin’s operations.
Financial View of JFIN stock.
JFIN stock has not released the fourth quarter and fiscal year 2020 financial results. In the third quarter JFIN stock recorded RMB401.3 million net revenue which was 21.4% less than the same quarter of 2019. Operating income was surged by 79.6% to reach RMB150.0 million as compared to the third quarter of 2019.Net income of JFIN was totaled RMB88.4 million with an 8.1% increase as compared to the same tenure of 2019.
Conclusion:
After soaring high in yesterday’s trading, JFIN stock has now become red today. The stock market is unpredictable, and anything can happen with or without certain. Hence from an investment perspective, it’s a good practice to deeply analyze the company’s core business, balance sheet, earnings results, and network to make the right decision at right time.