Point72 Asset Management L.P. Reduces Stake in Qifu Technology, Inc. (NASDAQ:QFIN)

Point72 Asset Management L.P. reduced its stake in Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 89.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,300 shares of the company's stock after selling 147,800 shares during the period. Point72 Asset Management L.P.'s holdings in Qifu Technology were worth $664,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Point72 Hong Kong Ltd raised its holdings in shares of Qifu Technology by 12.3% during the 4th quarter. Point72 Hong Kong Ltd now owns 601,579 shares of the company's stock worth $23,089,000 after buying an additional 66,081 shares in the last quarter. Quantinno Capital Management LP lifted its holdings in shares of Qifu Technology by 8.5% in the fourth quarter. Quantinno Capital Management LP now owns 17,848 shares of the company's stock worth $685,000 after acquiring an additional 1,392 shares during the last quarter. MY.Alpha Management HK Advisors Ltd acquired a new stake in shares of Qifu Technology in the 4th quarter valued at approximately $17,793,000. Man Group plc boosted its stake in shares of Qifu Technology by 10.4% in the 4th quarter. Man Group plc now owns 1,529,897 shares of the company's stock valued at $58,717,000 after purchasing an additional 144,328 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its holdings in shares of Qifu Technology by 0.5% during the 4th quarter. Nuveen Asset Management LLC now owns 242,000 shares of the company's stock valued at $9,288,000 after purchasing an additional 1,100 shares during the last quarter. Institutional investors own 74.81% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on QFIN. Wall Street Zen raised shares of Qifu Technology from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Bank of America raised their price objective on Qifu Technology from $50.66 to $52.70 and gave the company a "buy" rating in a report on Wednesday, March 26th.

Qifu Technology Stock Up 0.6%

NASDAQ:QFIN traded up $0.26 during trading hours on Wednesday, hitting $42.81. 405,855 shares of the company traded hands, compared to its average volume of 1,569,869. The company has a market cap of $6.75 billion, a PE ratio of 8.66, a PEG ratio of 0.32 and a beta of 0.53. The firm's 50-day simple moving average is $41.41 and its 200-day simple moving average is $39.81. Qifu Technology, Inc. has a one year low of $18.13 and a one year high of $48.94.

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 net margin of 31.82% and a return on equity of 24.39%. The business had revenue of $646.19 million during the quarter, compared to the consensus estimate of $4.61 billion. As a group, equities research analysts expect that Qifu Technology, Inc. will post 5.71 EPS for the current year.

Qifu Technology Increases Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Monday, June 2nd. Shareholders of record on Wednesday, April 23rd will be given a $0.70 dividend. The ex-dividend date is Wednesday, April 23rd. This represents a yield of 2.5%. This is a boost from Qifu Technology's previous semi-annual dividend of $0.60. Qifu Technology's payout ratio is currently 21.17%.

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.