E Fund Management Co. Ltd. Sells 147,883 Shares of Qfin Holdings Inc. - Sponsored ADR (NASDAQ:QFIN)

Key Points

• E Fund Management Co. Ltd. reduced its holdings in Qifu Technology by 18.8% during the 1st quarter, now owning 639,263 shares valued at approximately $28.71 million.
• Other investors, including Caitong International and the Public Sector Pension Investment Board, also adjusted their stakes in Qifu Technology, highlighting an increase in institutional interest.
• Analysts have mixed views on Qifu Technology, with a recent downgrade from "strong-buy" to "buy" by Wall Street Zen, while JPMorgan Chase issued an "overweight" rating.

E Fund Management Co. Ltd. lowered its position in Qfin Holdings Inc. - Sponsored ADR (NASDAQ:QFIN - Free Report) by 18.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 639,263 shares of the company's stock after selling 147,883 shares during the quarter. Qfin makes up approximately 1.4% of E Fund Management Co. Ltd.'s portfolio, making the stock its 15th biggest position. E Fund Management Co. Ltd. owned about 0.41% of Qfin worth $28,709,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Caitong International Asset Management Co. Ltd purchased a new stake in Qfin in the first quarter worth approximately $108,000. Resona Asset Management Co. Ltd. boosted its stake in shares of Qfin by 23.5% during the first quarter. Resona Asset Management Co. Ltd. now owns 30,719 shares of the company's stock valued at $1,382,000 after purchasing an additional 5,846 shares during the period. HighTower Advisors LLC boosted its stake in shares of Qfin by 5.6% during the first quarter. HighTower Advisors LLC now owns 15,484 shares of the company's stock valued at $695,000 after purchasing an additional 823 shares during the period. Public Sector Pension Investment Board boosted its stake in shares of Qfin by 907.6% during the first quarter. Public Sector Pension Investment Board now owns 373,243 shares of the company's stock valued at $16,762,000 after purchasing an additional 336,201 shares during the period. Finally, Nuveen LLC purchased a new stake in shares of Qfin during the first quarter valued at approximately $12,065,000. Hedge funds and other institutional investors own 74.81% of the company's stock.

Qfin Trading Down 4.1%

QFIN stock traded down $1.35 on Friday, reaching $31.95. The company's stock had a trading volume of 2,485,035 shares, compared to its average volume of 2,300,131. The business has a fifty day simple moving average of $39.82 and a two-hundred day simple moving average of $41.10. Qfin Holdings Inc. - Sponsored ADR has a 12-month low of $23.81 and a 12-month high of $48.94. The firm has a market cap of $5.04 billion, a PE ratio of 4.51, a PEG ratio of 0.40 and a beta of 0.39. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.08 and a current ratio of 3.08.

Qfin (NASDAQ:QFIN - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The company reported $1.78 EPS for the quarter, missing analysts' consensus estimates of $1.79 by ($0.01). Qfin had a return on equity of 31.00% and a net margin of 38.66%. The business had revenue of $728.00 million during the quarter, compared to analysts' expectations of $4.68 billion. As a group, research analysts forecast that Qfin Holdings Inc. - Sponsored ADR will post 5.71 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on QFIN. Wall Street Zen lowered Qfin from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. JPMorgan Chase & Co. began coverage on Qfin in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $65.00 price objective for the company.

Qfin 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.