NS Partners Ltd Sells 51,600 Shares of Qifu Technology, Inc. (NASDAQ:QFIN)

Key Points

• NS Partners Ltd has reduced its stake in Qifu Technology by 11.5%, now owning approximately $17.78 million worth of shares after selling 51,600 shares.
• Notable increases in stakes were made by other institutional investors, including Mirae Asset Global Investments, which raised its position by 10,812.1%, acquiring over 2 million shares valued at approximately $91.72 million.
• Qifu Technology reported earnings of $1.74 per share for the last quarter, exceeding analyst expectations, although revenue fell short at $646.19 million against a forecast of $4.61 billion.

NS Partners Ltd decreased its holdings in Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 11.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 395,947 shares of the company's stock after selling 51,600 shares during the quarter. NS Partners Ltd owned about 0.25% of Qifu Technology worth $17,782,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in Qifu Technology in the 4th quarter valued at $298,000. LPL Financial LLC lifted its position in shares of Qifu Technology by 90.7% in the fourth quarter. LPL Financial LLC now owns 24,179 shares of the company's stock valued at $928,000 after acquiring an additional 11,502 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its position in shares of Qifu Technology by 11.1% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 10,172 shares of the company's stock valued at $390,000 after acquiring an additional 1,018 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Qifu Technology by 9.9% in the fourth quarter. Franklin Resources Inc. now owns 67,726 shares of the company's stock valued at $2,599,000 after acquiring an additional 6,110 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. purchased a new position in shares of Qifu Technology in the fourth quarter valued at approximately $954,000. Institutional investors own 74.81% of the company's stock.

Qifu Technology Stock Up 5.2%

Shares of QFIN stock traded up $1.67 on Tuesday, reaching $34.04. 1,357,009 shares of the company's stock traded hands, compared to its average volume of 1,701,075. The company has a market capitalization of $5.37 billion, a P/E ratio of 5.22, a price-to-earnings-growth ratio of 0.41 and a beta of 0.39. The business's 50 day moving average price is $40.51 and its two-hundred day moving average price is $41.31. Qifu Technology, Inc. has a 12-month low of $20.66 and a 12-month high of $48.94. 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 (NASDAQ:QFIN - Get Free Report) last announced its quarterly earnings data on Monday, May 19th. The company reported $1.74 EPS 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 for the quarter, compared to analyst estimates of $4.61 billion. On average, equities analysts forecast that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. JPMorgan Chase & Co. assumed coverage on Qifu Technology in a report on Wednesday, July 2nd. They set an "overweight" rating and a $65.00 price target for the company. Wall Street Zen cut shares of Qifu Technology from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th.

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.