Mackenzie Financial Corp Reduces Stake in Qifu Technology, Inc. (NASDAQ:QFIN)

Key Points

• Mackenzie Financial Corp reduced its holdings in Qifu Technology, Inc. by 46.7%, selling 225,970 shares and maintaining a total of 257,417 shares, worth approximately $11.56 million.
• Other hedge funds have modified their positions in Qifu Technology, with LPL Financial LLC increasing its stake by 34.5%, while Allianz Asset Management GmbH boosted its holdings by 58.7%.
• Qifu Technology's most recent earnings report showed $1.74 EPS, exceeding estimates and reporting a revenue of $646.19 million, although lower than analysts' expectations.

Mackenzie Financial Corp reduced its holdings in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 46.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 257,417 shares of the company's stock after selling 225,970 shares during the quarter. Mackenzie Financial Corp owned 0.16% of Qifu Technology worth $11,561,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in QFIN. Bank of New York Mellon Corp raised its stake in shares of Qifu Technology by 6.1% in the first quarter. Bank of New York Mellon Corp now owns 125,955 shares of the company's stock valued at $5,657,000 after buying an additional 7,197 shares during the period. Yousif Capital Management LLC bought a new stake in Qifu Technology during the 1st quarter valued at $209,000. Oppenheimer & Co. Inc. purchased a new stake in shares of Qifu Technology during the first quarter worth $208,000. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in shares of 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 acquiring an additional 413,493 shares during the period. Finally, Krane Funds Advisors LLC grew its position in shares of Qifu Technology by 24.4% in the first quarter. Krane Funds Advisors LLC now owns 7,032,927 shares of the company's stock valued at $315,849,000 after purchasing an additional 1,381,624 shares in the last quarter. 74.81% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Wall Street Zen lowered Qifu Technology from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. JPMorgan Chase & Co. began coverage on Qifu Technology in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $65.00 price objective on the stock.

Qifu Technology Price Performance

NASDAQ:QFIN traded down $0.68 during trading hours on Friday, hitting $33.65. 2,621,865 shares of the stock were exchanged, compared to its average volume of 2,001,489. Qifu Technology, Inc. has a 52-week low of $18.13 and a 52-week high of $48.94. The company has a market cap of $5.30 billion, a P/E ratio of 5.16, a P/E/G ratio of 0.42 and a beta of 0.39. The firm's fifty day moving average price is $41.56 and its 200 day moving average price is $41.51. The company has a current ratio of 3.08, a quick ratio of 3.08 and a debt-to-equity ratio of 0.21.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last announced its quarterly earnings results on Monday, May 19th. The company reported $1.74 EPS for the quarter, beating the consensus estimate of $1.72 by $0.02. Qifu Technology had a net margin of 38.99% and a return on equity of 29.73%. The company had revenue of $646.19 million for the quarter, compared to analyst estimates of $4.61 billion. As a group, equities research analysts anticipate that Qifu Technology, Inc. will post 5.71 EPS for the current fiscal year.

Qifu Technology Company 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.