Allianz Asset Management GmbH Grows Stake in Qifu Technology, Inc. (NASDAQ:QFIN)

Allianz Asset Management GmbH grew its holdings in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 58.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 738,148 shares of the company's stock after acquiring an additional 273,064 shares during the quarter. Allianz Asset Management GmbH owned about 0.47% of Qifu Technology worth $33,150,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in QFIN. Alliancebernstein L.P. purchased a new position in Qifu Technology in the 4th quarter worth about $92,150,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Qifu Technology by 10,812.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,042,306 shares of the company's stock worth $91,720,000 after acquiring an additional 2,023,590 shares in the last quarter. Krane Funds Advisors LLC boosted its stake in shares of Qifu Technology by 24.4% during the 1st quarter. Krane Funds Advisors LLC now owns 7,032,927 shares of the company's stock worth $315,849,000 after acquiring an additional 1,381,624 shares in the last quarter. Norges Bank bought a new stake in Qifu Technology during the 4th quarter valued at approximately $46,579,000. Finally, Aspex Management HK Ltd raised its holdings in Qifu Technology by 11.3% in the 4th quarter. Aspex Management HK Ltd now owns 6,371,808 shares of the company's stock valued at $244,550,000 after acquiring an additional 648,088 shares in the last quarter. Institutional investors and hedge funds own 74.81% of the company's stock.

Qifu Technology Price Performance

NASDAQ QFIN traded down $3.82 on Thursday, hitting $36.11. 6,266,365 shares of the company's stock were exchanged, compared to its average volume of 1,438,755. Qifu Technology, Inc. has a 52 week low of $18.13 and a 52 week high of $48.94. The stock has a market cap of $5.69 billion, a price-to-earnings ratio of 5.54, a P/E/G ratio of 0.49 and a beta of 0.48. The company has a current ratio of 3.08, a quick ratio of 3.08 and a debt-to-equity ratio of 0.21. The stock has a 50-day moving average of $42.77 and a 200-day moving average of $41.57.

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

Wall Street Analysts Forecast Growth

QFIN has been the subject of a number of recent research reports. Bank of America increased their target price on Qifu Technology from $50.66 to $52.70 and gave the stock a "buy" rating in a report on Wednesday, March 26th. JPMorgan Chase & Co. initiated coverage on Qifu Technology in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $65.00 price target on the stock. Finally, Wall Street Zen lowered Qifu Technology from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th.

About Qifu Technology

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.