Panview Capital Ltd Acquires Shares of 555,000 Qifu Technology, Inc. (NASDAQ:QFIN)

Key Points

• Panview Capital Ltd has invested approximately $24.93 million into Qifu Technology, acquiring 555,000 shares, which now represents 9.4% of its holdings and makes it the firm's 6th largest position.
• Qifu Technology has recently been rated "overweight" by JPMorgan Chase & Co. with a target price of $65.00, while Wall Street Zen lowered its rating from "strong-buy" to "buy."
• The company reported earnings per share (EPS) of $1.74 for the last quarter, exceeding the consensus estimate of $1.72, although its revenue was significantly below estimates at $646.19 million.

Panview Capital Ltd acquired a new stake in Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 555,000 shares of the company's stock, valued at approximately $24,925,000. Qifu Technology makes up approximately 9.4% of Panview Capital Ltd's portfolio, making the stock its 6th largest holding. Panview Capital Ltd owned 0.35% of Qifu Technology at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of QFIN. Raymond James Financial Inc. bought a new position in Qifu Technology during the fourth quarter worth about $298,000. HighTower Advisors LLC bought a new position in Qifu Technology during the fourth quarter worth about $563,000. Natixis Advisors LLC grew its holdings in Qifu Technology by 7.7% during the fourth quarter. Natixis Advisors LLC now owns 23,621 shares of the company's stock worth $907,000 after purchasing an additional 1,686 shares during the period. American Century Companies Inc. grew its holdings in Qifu Technology by 12.8% during the fourth quarter. American Century Companies Inc. now owns 553,797 shares of the company's stock worth $21,255,000 after purchasing an additional 62,837 shares during the period. Finally, Sei Investments Co. grew its holdings in Qifu Technology by 100.8% during the fourth quarter. Sei Investments Co. now owns 675,813 shares of the company's stock worth $25,938,000 after purchasing an additional 339,234 shares during the period. Institutional investors own 74.81% of the company's stock.

Qifu Technology Stock Performance

Shares of NASDAQ:QFIN traded up $0.30 during trading on Tuesday, reaching $35.34. 904,770 shares of the stock were exchanged, compared to its average volume of 1,680,635. Qifu Technology, Inc. has a 12 month low of $18.13 and a 12 month high of $48.94. The firm has a market cap of $5.57 billion, a PE ratio of 5.42, a PEG ratio of 0.44 and a beta of 0.48. The stock has a 50-day moving average price of $42.25 and a 200-day moving average price of $41.61. The company has a current ratio of 3.08, a quick ratio of 3.08 and a debt-to-equity ratio of 0.21.

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, topping 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 company had revenue of $646.19 million during the quarter, compared to analysts' expectations of $4.61 billion. Research analysts expect that Qifu Technology, Inc. will post 5.71 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Wall Street Zen cut Qifu Technology from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. 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 objective for the company.

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.