Y Intercept Hong Kong Ltd Purchases Shares of 15,144 Qifu Technology, Inc. (NASDAQ:QFIN)

Key Points

• Y Intercept Hong Kong Ltd purchased 15,144 shares of Qifu Technology, Inc. (NASDAQ:QFIN), valued at approximately $680,000, indicating increasing institutional interest in the company.
• Analysts have mixed opinions on Qifu Technology, with JPMorgan Chase giving it an "overweight" rating and a target price of $65.00, while Wall Street Zen downgraded it from a "strong-buy" to a "buy" rating.
• Qifu Technology reported earnings of $1.74 per share for the last quarter, exceeding estimates, despite revenue falling short of expectations at $646.19 million.

Y Intercept Hong Kong Ltd bought a new position in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 15,144 shares of the company's stock, valued at approximately $680,000.

Other large investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its stake in Qifu Technology by 6.1% in the first quarter. Bank of New York Mellon Corp now owns 125,955 shares of the company's stock valued at $5,657,000 after acquiring an additional 7,197 shares during the period. Yousif Capital Management LLC bought a new position in shares of Qifu Technology in the first quarter valued at approximately $209,000. Oppenheimer & Co. Inc. bought a new position in shares of Qifu Technology in the first quarter valued at approximately $208,000. Krane Funds Advisors LLC lifted its holdings in shares of Qifu Technology by 24.4% in the first 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 in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of Qifu Technology by 583.8% in the first 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 in the last quarter. Institutional investors and hedge funds own 74.81% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Wall Street Zen lowered Qifu Technology from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. JPMorgan Chase & Co. started coverage on Qifu Technology in a report on Wednesday, July 2nd. They set an "overweight" rating and a $65.00 price target on the stock.

Qifu Technology Price Performance

QFIN stock traded down $0.73 during mid-day trading on Wednesday, hitting $34.31. 1,559,615 shares of the stock were exchanged, compared to its average volume of 1,927,272. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.08 and a quick ratio of 3.08. The business has a fifty day moving average price of $41.91 and a 200 day moving average price of $41.51. Qifu Technology, Inc. has a 12 month low of $18.13 and a 12 month high of $48.94. The stock has a market capitalization of $5.41 billion, a price-to-earnings ratio of 5.26, a PEG ratio of 0.43 and a beta of 0.48.

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

Qifu Technology Company 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.