Qifu Technology, Inc. (NASDAQ:QFIN) Shares Acquired by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lifted its stake in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 420.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm 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 0.14% of Qifu Technology worth $10,046,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Yousif Capital Management LLC acquired a new stake in shares of Qifu Technology during the 1st quarter worth about $209,000. Oppenheimer & Co. Inc. acquired a new stake in shares of Qifu Technology during the 1st quarter worth about $208,000. Krane Funds Advisors LLC increased its position in shares of Qifu Technology by 24.4% during 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 last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its position in shares of 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 purchasing an additional 413,493 shares during the last quarter. Finally, Asset Management One Co. Ltd. increased its position in shares of Qifu Technology by 36.1% during the 1st quarter. Asset Management One Co. Ltd. now owns 44,755 shares of the company's stock worth $2,010,000 after purchasing an additional 11,882 shares during the last quarter. Hedge funds and other institutional investors own 74.81% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on QFIN. Bank of America raised their price objective on Qifu Technology from $50.66 to $52.70 and gave the stock a "buy" rating in a research report on Wednesday, March 26th. Wall Street Zen downgraded Qifu Technology from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. Finally, 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 target price for the company.

Qifu Technology Trading Down 1.4%

NASDAQ QFIN traded down $0.57 during trading on Wednesday, hitting $39.93. The stock had a trading volume of 1,716,938 shares, compared to its average volume of 1,602,119. The company has a market capitalization of $6.29 billion, a PE ratio of 6.12, a PEG ratio of 0.50 and a beta of 0.48. The company has a quick ratio of 3.08, a current ratio of 3.08 and a debt-to-equity ratio of 0.21. The firm has a 50 day moving average price of $42.77 and a 200 day moving average price of $41.57. Qifu Technology, Inc. has a twelve month low of $18.13 and a twelve month high of $48.94.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last released 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 company had revenue of $646.19 million during the quarter, compared to the consensus estimate of $4.61 billion. As a group, equities research analysts forecast that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

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.