Panview Capital Ltd Invests $24.93 Million in 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 bought a new stake in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 555,000 shares of the company's stock, valued at approximately $24,925,000. Qifu Technology makes up 9.4% of Panview Capital Ltd's holdings, making the stock its 6th biggest position. Panview Capital Ltd owned 0.35% of Qifu Technology at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. GeoWealth Management LLC bought a new position in Qifu Technology during the fourth quarter valued at about $26,000. Virtus Investment Advisers Inc. bought a new position in Qifu Technology during the fourth quarter valued at about $61,000. State of Wyoming bought a new position in Qifu Technology during the fourth quarter valued at about $97,000. Burns Matteson Capital Management LLC bought a new position in Qifu Technology during the first quarter valued at about $201,000. Finally, Ballentine Partners LLC bought a new position in Qifu Technology during the first quarter valued at about $206,000. Institutional investors own 74.81% of the company's stock.

Analyst Upgrades and Downgrades

QFIN has been the subject of several research reports. JPMorgan Chase & Co. assumed coverage on Qifu Technology in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $65.00 target price for the company. Wall Street Zen lowered Qifu Technology from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th.

Qifu Technology Trading Down 9.6%

NASDAQ:QFIN opened at $36.11 on Friday. The company has a quick ratio of 3.08, a current ratio of 3.08 and a debt-to-equity ratio of 0.21. Qifu Technology, Inc. has a 1-year low of $18.13 and a 1-year high of $48.94. The firm has a market capitalization of $5.69 billion, a price-to-earnings ratio of 5.54, a price-to-earnings-growth ratio of 0.49 and a beta of 0.48. The stock has a fifty day simple moving average of $42.61 and a 200 day simple moving average of $41.57.

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

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