National Bank of Canada FI Buys 273,053 Shares of Qifu Technology, Inc. (NASDAQ:QFIN)

Key Points

• National Bank of Canada FI increased its stake in Qifu Technology, Inc. by 44.7%, acquiring an additional 273,053 shares, bringing its total ownership to 883,412 shares valued at approximately $39.67 million.
• Qifu Technology reported earnings per share (EPS) of $1.74, exceeding analyst expectations of $1.72, and had a net margin of 38.99% for the quarter.
• Institutional investors collectively hold 74.81% of Qifu Technology's stock, signaling strong institutional interest in the company.

National Bank of Canada FI boosted its stake in Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 44.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 883,412 shares of the company's stock after purchasing an additional 273,053 shares during the period. National Bank of Canada FI owned about 0.56% of Qifu Technology worth $39,669,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in QFIN. HB Wealth Management LLC increased its position in Qifu Technology by 7.2% in the 1st quarter. HB Wealth Management LLC now owns 6,431 shares of the company's stock valued at $289,000 after acquiring an additional 431 shares during the period. GeoWealth Management LLC bought a new stake in shares of Qifu Technology in the 4th quarter valued at $26,000. Nuveen Asset Management LLC boosted its stake in shares of Qifu Technology by 0.5% in the 4th quarter. Nuveen Asset Management LLC now owns 242,000 shares of the company's stock valued at $9,288,000 after purchasing an additional 1,100 shares during the last quarter. Quantinno Capital Management LP boosted its stake in shares of Qifu Technology by 8.5% in the 4th quarter. Quantinno Capital Management LP now owns 17,848 shares of the company's stock valued at $685,000 after purchasing an additional 1,392 shares during the last quarter. Finally, Virtus Investment Advisers Inc. bought a new stake in shares of Qifu Technology in the 4th quarter valued at $61,000. Institutional investors own 74.81% of the company's stock.

Qifu Technology Trading Down 0.6%

NASDAQ:QFIN opened at $33.39 on Friday. The firm's fifty day moving average is $40.68 and its 200-day moving average is $41.34. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.08 and a current ratio of 3.08. Qifu Technology, Inc. has a 52 week low of $20.00 and a 52 week high of $48.94. The firm has a market cap of $5.26 billion, a P/E ratio of 5.12, a P/E/G ratio of 0.41 and a beta of 0.39.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last released its earnings results on Monday, May 19th. The company reported $1.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $4.61 billion. Equities analysts expect that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Analyst Ratings Changes

QFIN has been the topic of a number of analyst reports. Wall Street Zen lowered shares of Qifu Technology from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. JPMorgan Chase & Co. initiated coverage on shares of Qifu Technology in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $65.00 price objective on the stock.

About Qifu Technology

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.

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