Massachusetts Financial Services Co. MA Boosts Stake in Qifu Technology, Inc. (NASDAQ:QFIN)

Massachusetts Financial Services Co. MA increased its stake in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 420.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 223,694 shares of the company's stock after acquiring an additional 180,704 shares during the period. Massachusetts Financial Services Co. MA owned about 0.14% of Qifu Technology worth $10,046,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of QFIN. Yousif Capital Management LLC purchased a new stake in shares of Qifu Technology during the first quarter worth about $209,000. Oppenheimer & Co. Inc. purchased a new stake in shares of Qifu Technology in the first quarter valued at approximately $208,000. Krane Funds Advisors LLC lifted its position in Qifu Technology by 24.4% during the first quarter. Krane Funds Advisors LLC now owns 7,032,927 shares of the company's stock valued at $315,849,000 after acquiring an additional 1,381,624 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its position in Qifu Technology by 583.8% during the 1st 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. Finally, Asset Management One Co. Ltd. increased its holdings in Qifu Technology by 36.1% in the first quarter. Asset Management One Co. Ltd. now owns 44,755 shares of the company's stock valued at $2,010,000 after buying an additional 11,882 shares in the last quarter. Institutional investors own 74.81% of the company's stock.

Qifu Technology Stock Performance

Shares of Qifu Technology stock traded down $0.30 during trading on Monday, reaching $41.98. The company's stock had a trading volume of 1,940,845 shares, compared to its average volume of 1,585,739. The firm has a market cap of $6.62 billion, a PE ratio of 6.44, a P/E/G ratio of 0.52 and a beta of 0.48. 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 50-day moving average price of $43.05 and a two-hundred day moving average price of $41.57. 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 earnings results on Monday, May 19th. The company reported $1.74 earnings per share for the quarter, beating 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, analysts forecast that Qifu Technology, Inc. will post 5.71 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. JPMorgan Chase & Co. started coverage on shares of Qifu Technology in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $65.00 target price for the company. Bank of America boosted their target price on shares of Qifu Technology from $50.66 to $52.70 and gave the company a "buy" rating in a research note on Wednesday, March 26th. Finally, Wall Street Zen downgraded shares of Qifu Technology from a "strong-buy" rating to a "buy" rating in a report on Friday.

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.