Banque Cantonale Vaudoise Purchases New Position in Qifu Technology, Inc. (NASDAQ:QFIN)

Key Points

• Banque Cantonale Vaudoise has acquired a new stake in Qifu Technology, Inc. by purchasing 103,000 shares valued at approximately $4.63 million, representing 0.07% ownership by the end of the latest reporting period.
• Qifu Technology's latest quarterly earnings report showed $1.74 earnings per share, exceeding the consensus estimate of $1.72, despite revenue being below expectations at $646.19 million.
• JPMorgan Chase & Co. has initiated coverage on Qifu Technology with an "overweight" rating and a price target of \strong>$65.00, while Wall Street Zen has revised its rating from "strong-buy" to "buy."

Banque Cantonale Vaudoise acquired a new stake in Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 103,000 shares of the company's stock, valued at approximately $4,626,000. Banque Cantonale Vaudoise owned approximately 0.07% of Qifu Technology at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Bank of New York Mellon Corp lifted its stake in Qifu Technology by 6.1% in the 1st quarter. Bank of New York Mellon Corp now owns 125,955 shares of the company's stock valued at $5,657,000 after purchasing an additional 7,197 shares during the last quarter. Yousif Capital Management LLC acquired a new stake in Qifu Technology in the 1st quarter valued at about $209,000. Oppenheimer & Co. Inc. acquired a new stake in Qifu Technology in the 1st quarter valued at about $208,000. Krane Funds Advisors LLC lifted its stake in Qifu Technology by 24.4% in the 1st quarter. Krane Funds Advisors LLC now owns 7,032,927 shares of the company's stock valued at $315,849,000 after purchasing an additional 1,381,624 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd lifted its stake in Qifu Technology by 583.8% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 484,322 shares of the company's stock valued at $21,751,000 after purchasing an additional 413,493 shares during the last quarter. Institutional investors own 74.81% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. assumed coverage on shares of Qifu Technology in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $65.00 price objective for the company. Wall Street Zen downgraded shares of Qifu Technology from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th.

Qifu Technology Stock Performance

Shares of NASDAQ QFIN remained flat at $35.04 during trading on Tuesday. 1,883,893 shares of the stock traded hands, compared to its average volume of 1,869,313. The firm has a fifty day moving average of $42.08 and a two-hundred day moving average of $41.56. Qifu Technology, Inc. has a 52-week low of $18.13 and a 52-week high of $48.94. The firm has a market cap of $5.52 billion, a price-to-earnings ratio of 5.37, a price-to-earnings-growth ratio of 0.43 and a beta of 0.48. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.08 and a quick ratio of 3.08.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last posted its earnings results on Monday, May 19th. The company reported $1.74 EPS for the quarter, topping the consensus estimate of $1.72 by $0.02. The company had revenue of $646.19 million during the quarter, compared to the consensus estimate of $4.61 billion. Qifu Technology had a net margin of 38.99% and a return on equity of 29.73%. On average, analysts predict that Qifu Technology, Inc. will post 5.71 EPS for the current year.

Qifu Technology Profile

Qifu Technology, Inc, through its subsidiaries, operates credit-tech platform under the 360 Jietiao brand in the People's Republic of China. It provides credit-driven services that matches borrowers with financial institutions to conduct customer acquisition, initial and credit screening, advanced risk assessment, credit assessment, fund matching, and other post-facilitation services; and platform services, including loan facilitation and post-facilitation services to financial institution partners under intelligence credit engine, referral services, and risk management software-as-a-service.