Bank of New York Mellon Corp Boosts Stake in Qifu Technology, Inc. (NASDAQ:QFIN)

Bank of New York Mellon Corp boosted its position in Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 6.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 125,955 shares of the company's stock after acquiring an additional 7,197 shares during the period. Bank of New York Mellon Corp owned 0.08% of Qifu Technology worth $5,657,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Krane Funds Advisors LLC lifted its position in shares of Qifu Technology by 24.4% in the 1st quarter. Krane Funds Advisors LLC now owns 7,032,927 shares of the company's stock worth $315,849,000 after purchasing an additional 1,381,624 shares during the period. Aspex Management HK Ltd boosted its position in shares of Qifu Technology by 11.3% in the fourth quarter. Aspex Management HK Ltd now owns 6,371,808 shares of the company's stock worth $244,550,000 after purchasing an additional 648,088 shares during the period. AQR Capital Management LLC boosted its position in shares of Qifu Technology by 11.9% in the fourth quarter. AQR Capital Management LLC now owns 2,432,131 shares of the company's stock worth $93,345,000 after purchasing an additional 258,586 shares during the period. Alliancebernstein L.P. purchased a new position in shares of Qifu Technology in the fourth quarter worth $92,150,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Qifu Technology by 10,812.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,042,306 shares of the company's stock worth $91,720,000 after buying an additional 2,023,590 shares in the last quarter. Institutional investors own 74.81% of the company's stock.

Qifu Technology Stock Performance

Qifu Technology stock traded down $0.94 during mid-day trading on Friday, reaching $35.17. 2,736,622 shares of the company traded hands, compared to its average volume of 1,719,126. 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, Inc. has a fifty-two week low of $18.13 and a fifty-two week high of $48.94. The company has a market capitalization of $5.54 billion, a price-to-earnings ratio of 5.39, a price-to-earnings-growth ratio of 0.45 and a beta of 0.48. The firm's fifty day moving average is $42.42 and its two-hundred day moving average is $41.56.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last released its quarterly earnings data 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. Qifu Technology had a net margin of 38.99% and a return on equity of 29.73%. The firm had revenue of $646.19 million for the quarter, compared to analyst estimates of $4.61 billion. On average, equities research analysts expect that Qifu Technology, Inc. will post 5.71 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

QFIN has been the topic of a number of recent research reports. Wall Street Zen downgraded shares of Qifu Technology from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. JPMorgan Chase & Co. started coverage on shares of 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 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.