Matthews International Capital Management LLC Acquires Shares of 89,616 Qifu Technology, Inc. (NASDAQ:QFIN)

Matthews International Capital Management LLC purchased a new stake in Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 89,616 shares of the company's stock, valued at approximately $4,025,000. Qifu Technology makes up about 0.8% of Matthews International Capital Management LLC's investment portfolio, making the stock its 23rd biggest holding. Matthews International Capital Management LLC owned about 0.06% of Qifu Technology at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in QFIN. GeoWealth Management LLC acquired a new position in shares of Qifu Technology in the fourth quarter valued at approximately $26,000. Jones Financial Companies Lllp bought a new position in Qifu Technology during the 4th quarter valued at $29,000. Global Retirement Partners LLC increased its position in shares of Qifu Technology by 80.2% during the 4th quarter. Global Retirement Partners LLC now owns 1,164 shares of the company's stock valued at $45,000 after purchasing an additional 518 shares during the last quarter. Virtus Investment Advisers Inc. bought a new stake in shares of Qifu Technology during the 4th quarter worth $61,000. Finally, iA Global Asset Management Inc. purchased a new stake in Qifu Technology in the 4th quarter worth about $93,000. Institutional investors own 74.81% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on QFIN shares. Wall Street Zen upgraded Qifu Technology from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Bank of America increased their price target on shares of Qifu Technology from $50.66 to $52.70 and gave the company a "buy" rating in a research report on Wednesday, March 26th.

Qifu Technology Trading Down 0.6%

Shares of NASDAQ:QFIN traded down $0.25 during trading on Friday, reaching $42.81. 1,041,861 shares of the company traded hands, compared to its average volume of 1,581,014. The firm has a market capitalization of $6.75 billion, a price-to-earnings ratio of 6.57, a P/E/G ratio of 0.53 and a beta of 0.49. Qifu Technology, Inc. has a 52-week low of $18.13 and a 52-week high of $48.94. The company has a current ratio of 3.08, a quick ratio of 3.08 and a debt-to-equity ratio of 0.21. The business's fifty day moving average is $41.71 and its 200-day moving average is $40.85.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last released its quarterly earnings data on Monday, May 19th. The company reported $1.74 earnings per share for the quarter, beating analysts' consensus estimates of $1.72 by $0.02. Qifu Technology had a return on equity of 29.73% and a net margin of 38.99%. The firm had revenue of $646.19 million during the quarter, compared to analyst estimates of $4.61 billion. As a group, analysts forecast that Qifu Technology, Inc. will post 5.71 EPS 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.