Myriad Asset Management US LP Invests $2.31 Million in Qifu Technology, Inc. (NASDAQ:QFIN)

Myriad Asset Management US LP bought a new position in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 51,516 shares of the company's stock, valued at approximately $2,314,000. Qifu Technology comprises about 1.0% of Myriad Asset Management US LP's investment portfolio, making the stock its 18th largest holding.

Other hedge funds have also recently made changes to their positions in the company. Asset Management One Co. Ltd. boosted its holdings in Qifu Technology by 66.8% during the fourth quarter. Asset Management One Co. Ltd. now owns 32,873 shares of the company's stock worth $1,255,000 after buying an additional 13,170 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Qifu Technology in the 4th quarter valued at $298,000. EverSource Wealth Advisors LLC raised its stake in Qifu Technology by 4,272.5% in the 4th quarter. EverSource Wealth Advisors LLC now owns 7,302 shares of the company's stock valued at $280,000 after purchasing an additional 7,135 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in Qifu Technology by 30.8% in the 4th quarter. New York State Common Retirement Fund now owns 396,570 shares of the company's stock valued at $15,220,000 after purchasing an additional 93,409 shares in the last quarter. Finally, Point72 Hong Kong Ltd grew its holdings in shares of Qifu Technology by 12.3% during the fourth quarter. Point72 Hong Kong Ltd now owns 601,579 shares of the company's stock worth $23,089,000 after buying an additional 66,081 shares in the last quarter. 74.81% of the stock is owned by institutional investors and hedge funds.

Qifu Technology Stock Performance

Shares of NASDAQ QFIN traded up $0.54 during mid-day trading on Thursday, reaching $42.97. 955,187 shares of the company's stock were exchanged, compared to its average volume of 1,577,937. The company's 50-day moving average is $40.94 and its 200-day moving average is $40.20. The firm has a market capitalization of $6.77 billion, a price-to-earnings ratio of 8.70, a PEG ratio of 0.32 and a beta of 0.53. Qifu Technology, Inc. has a 52-week low of $18.13 and a 52-week high of $48.94.

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, topping the consensus estimate of $1.72 by $0.02. Qifu Technology had a net margin of 31.82% and a return on equity of 24.39%. The company had revenue of $646.19 million during the quarter, compared to analyst estimates of $4.61 billion. As a group, equities analysts predict that Qifu Technology, Inc. will post 5.71 earnings per share for the current fiscal year.

Qifu Technology Increases Dividend

The business also recently announced a semi-annual dividend, which was paid on Monday, June 2nd. Investors of record on Wednesday, April 23rd were issued a $0.70 dividend. This represents a yield of 2.5%. The ex-dividend date was Wednesday, April 23rd. This is an increase from Qifu Technology's previous semi-annual dividend of $0.60. Qifu Technology's dividend payout ratio (DPR) is 21.17%.

Wall Street Analyst Weigh In

QFIN has been the topic of several recent analyst reports. 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 report on Wednesday, March 26th. Wall Street Zen lowered shares of Qifu Technology from a "strong-buy" rating to a "buy" rating in a research report on Sunday.

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.