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

Qifu Technology logo with Business Services background

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.
  • Want stock alerts on Qifu Technology? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

NS Partners Ltd lowered its position in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 11.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and 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 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Krane Funds Advisors LLC raised its position in shares of Qifu Technology by 24.4% in 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. Aspex Management HK Ltd raised its position in Qifu Technology by 11.3% in the 4th quarter. Aspex Management HK Ltd now owns 6,371,808 shares of the company's stock worth $244,550,000 after buying an additional 648,088 shares during the last quarter. Vanguard Group Inc. raised its position in Qifu Technology by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 4,572,985 shares of the company's stock worth $205,373,000 after buying an additional 31,155 shares during the last quarter. AQR Capital Management LLC raised its position in Qifu Technology by 11.9% in the 4th quarter. AQR Capital Management LLC now owns 2,432,131 shares of the company's stock worth $93,345,000 after buying an additional 258,586 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Qifu Technology by 10,812.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,042,306 shares of the company's stock worth $91,720,000 after buying an additional 2,023,590 shares during the last quarter. Hedge funds and other institutional investors own 74.81% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on QFIN shares. JPMorgan Chase & Co. started 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. Wall Street Zen lowered shares of Qifu Technology from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th.

View Our Latest Research Report on QFIN

Qifu Technology Stock Performance

Shares of NASDAQ QFIN traded down $1.02 during midday trading on Monday, hitting $32.37. 1,103,901 shares of the company's stock traded hands, compared to its average volume of 1,703,587. Qifu Technology, Inc. has a 1 year low of $20.39 and a 1 year high of $48.94. The stock has a market capitalization of $5.10 billion, a price-to-earnings ratio of 4.96, a price-to-earnings-growth ratio of 0.41 and a beta of 0.39. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.08 and a current ratio of 3.08. The firm has a fifty day moving average of $40.68 and a 200 day moving average of $41.36.

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

Qifu Technology Profile

(Free Report)

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.

Read More

Institutional Ownership by Quarter for Qifu Technology (NASDAQ:QFIN)

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