Dorsey Wright & Associates Decreases Stake in Qifu Technology, Inc. (NASDAQ:QFIN)

Dorsey Wright & Associates reduced its holdings in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 11.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 91,135 shares of the company's stock after selling 11,771 shares during the quarter. Dorsey Wright & Associates owned approximately 0.06% of Qifu Technology worth $4,093,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Bank of New York Mellon Corp lifted its holdings in Qifu Technology by 6.1% during the first quarter. Bank of New York Mellon Corp now owns 125,955 shares of the company's stock worth $5,657,000 after acquiring an additional 7,197 shares during the period. Yousif Capital Management LLC purchased a new stake in Qifu Technology in the first quarter worth $209,000. Oppenheimer & Co. Inc. purchased a new stake in Qifu Technology in the first quarter worth $208,000. Krane Funds Advisors LLC increased its position in Qifu Technology by 24.4% in the first quarter. Krane Funds Advisors LLC now owns 7,032,927 shares of the company's stock worth $315,849,000 after buying an additional 1,381,624 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd increased its position in Qifu Technology by 583.8% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 484,322 shares of the company's stock worth $21,751,000 after buying an additional 413,493 shares during the last quarter. 74.81% of the stock is currently owned by institutional investors.

Qifu Technology Price Performance

Qifu Technology stock traded down $0.94 during midday trading on Friday, hitting $35.17. 2,736,622 shares of the company's stock were exchanged, 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 stock has a 50-day moving average price of $42.42 and a two-hundred day moving average price of $41.59. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.08 and a current ratio of 3.08. The company has a market cap of $5.54 billion, a P/E ratio of 5.39, a PEG ratio of 0.44 and a beta of 0.48.

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. 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. On average, equities research analysts forecast that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on QFIN shares. Wall Street Zen downgraded Qifu Technology from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. 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 for the company.

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.