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

OVERSEA CHINESE BANKING Corp Ltd increased its stake in Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 583.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 484,322 shares of the company's stock after purchasing an additional 413,493 shares during the period. OVERSEA CHINESE BANKING Corp Ltd owned 0.31% of Qifu Technology worth $21,751,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of QFIN. GeoWealth Management LLC acquired a new stake in Qifu Technology during the 4th quarter valued at approximately $26,000. Jones Financial Companies Lllp acquired a new stake in Qifu Technology during the 4th quarter valued at approximately $29,000. Virtus Investment Advisers Inc. acquired a new stake in Qifu Technology during the 4th quarter valued at approximately $61,000. iA Global Asset Management Inc. acquired a new stake in Qifu Technology during the 4th quarter valued at approximately $93,000. Finally, State of Wyoming acquired a new stake in Qifu Technology during the 4th quarter valued at approximately $97,000. 74.81% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

QFIN has been the subject of several research reports. Wall Street Zen upgraded shares of Qifu Technology from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 21st. 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 research note on Wednesday, March 26th. Finally, JPMorgan Chase & Co. started coverage on shares of Qifu Technology in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $65.00 target price for the company.

Qifu Technology Stock Performance

Shares of QFIN traded up $0.63 during trading hours on Thursday, hitting $42.00. The stock had a trading volume of 1,867,198 shares, compared to its average volume of 1,577,314. 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 50-day moving average price of $43.06 and a 200 day moving average price of $41.50. Qifu Technology, Inc. has a fifty-two week low of $18.13 and a fifty-two week high of $48.94. The firm has a market capitalization of $6.62 billion, a price-to-earnings ratio of 6.44, a PEG ratio of 0.51 and a beta of 0.48.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last posted its earnings results 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. The firm had revenue of $646.19 million during the quarter, compared to analysts' expectations of $4.61 billion. Qifu Technology had a net margin of 38.99% and a return on equity of 29.73%. As a group, research analysts anticipate that Qifu Technology, Inc. will post 5.71 EPS for the current 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.