Allianz Asset Management GmbH Raises Stock Holdings in Qifu Technology, Inc. (NASDAQ:QFIN)

Allianz Asset Management GmbH grew its stake in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 58.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 738,148 shares of the company's stock after buying an additional 273,064 shares during the period. Allianz Asset Management GmbH owned 0.47% of Qifu Technology worth $33,150,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in QFIN. GeoWealth Management LLC bought a new stake in Qifu Technology in the 4th quarter worth approximately $26,000. Virtus Investment Advisers Inc. bought a new position in shares of Qifu Technology during the 4th quarter valued at approximately $61,000. State of Wyoming bought a new position in shares of Qifu Technology during the 4th quarter valued at approximately $97,000. Burns Matteson Capital Management LLC bought a new position in shares of Qifu Technology during the 1st quarter valued at approximately $201,000. Finally, Ballentine Partners LLC bought a new position in shares of Qifu Technology during the 1st quarter valued at approximately $206,000. 74.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

QFIN has been the subject of a number of recent analyst reports. Wall Street Zen cut Qifu Technology from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. JPMorgan Chase & Co. initiated coverage on Qifu Technology in a report on Wednesday, July 2nd. They set an "overweight" rating and a $65.00 price objective for the company.

Qifu Technology Trading Down 2.6%

QFIN traded down $0.94 during trading hours on Friday, reaching $35.17. 2,736,622 shares of the company's stock traded hands, compared to its average volume of 1,719,126. Qifu Technology, Inc. has a 52-week low of $18.13 and a 52-week high of $48.94. The firm has a market capitalization of $5.54 billion, a PE ratio of 5.39, a PEG ratio of 0.44 and a beta of 0.48. The firm has a 50-day moving average price of $42.42 and a 200 day moving average price of $41.59. The company has a quick ratio of 3.08, a current ratio of 3.08 and a debt-to-equity ratio of 0.21.

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