OVERSEA CHINESE BANKING Corp Ltd Raises Holdings in Qifu Technology, Inc. (NASDAQ:QFIN)

OVERSEA CHINESE BANKING Corp Ltd lifted its stake in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 583.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 484,322 shares of the company's stock after buying an additional 413,493 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd owned approximately 0.31% of Qifu Technology worth $21,751,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp raised its holdings in Qifu Technology by 4.9% during the fourth quarter. Bank of New York Mellon Corp now owns 118,758 shares of the company's stock worth $4,558,000 after purchasing an additional 5,549 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in shares of Qifu Technology during the 4th quarter worth approximately $29,000. Raymond James Financial Inc. acquired a new stake in shares of Qifu Technology in the 4th quarter valued at approximately $298,000. HighTower Advisors LLC acquired a new position in Qifu Technology during the fourth quarter worth $563,000. Finally, EverSource Wealth Advisors LLC raised its position in Qifu Technology by 4,272.5% in the fourth quarter. EverSource Wealth Advisors LLC now owns 7,302 shares of the company's stock worth $280,000 after acquiring an additional 7,135 shares in the last quarter. 74.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on QFIN shares. Bank of America upped their price target on shares of Qifu Technology from $50.66 to $52.70 and gave the stock a "buy" rating in a research note on Wednesday, March 26th. Wall Street Zen upgraded Qifu Technology from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 21st. Finally, JPMorgan Chase & Co. initiated coverage on Qifu Technology in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $65.00 target price on the stock.

Qifu Technology Trading Up 0.6%

Shares of QFIN opened at $43.09 on Monday. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.08 and a quick ratio of 3.08. Qifu Technology, Inc. has a 1-year low of $18.13 and a 1-year high of $48.94. The stock has a market cap of $6.79 billion, a price-to-earnings ratio of 6.61, a price-to-earnings-growth ratio of 0.53 and a beta of 0.48. The firm has a 50 day simple moving average of $43.14 and a 200-day simple moving average of $41.44.

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

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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