Prudential PLC Cuts Stock Position in Qifu Technology, Inc. (NASDAQ:QFIN)

Key Points

• Prudential PLC has reduced its stake in Qifu Technology, Inc. by 19.2% during the first quarter, owning now 785,672 shares valued at $35.3 million, according to its recent SEC filing.
• Other institutional investors have also adjusted their positions, with a collective 74.81% of Qifu Technology's stock now owned by institutional investors and hedge funds.
• JPMorgan Chase & Co. has initiated coverage on Qifu Technology with an "overweight" rating and a price target of $65.00, contrasting a downgrade from Wall Street Zen from "strong-buy" to "buy."

Prudential PLC decreased its position in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 19.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 785,672 shares of the company's stock after selling 186,552 shares during the period. Prudential PLC owned 0.50% of Qifu Technology worth $35,285,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. HB Wealth Management LLC boosted its stake in Qifu Technology by 7.2% in the 1st quarter. HB Wealth Management LLC now owns 6,431 shares of the company's stock worth $289,000 after purchasing an additional 431 shares in the last quarter. GeoWealth Management LLC purchased a new stake in shares of Qifu Technology during the fourth quarter valued at $26,000. HighTower Advisors LLC increased its position in shares of Qifu Technology by 5.6% in the 1st quarter. HighTower Advisors LLC now owns 15,484 shares of the company's stock valued at $695,000 after acquiring an additional 823 shares during the period. Nuveen Asset Management LLC raised its stake in Qifu Technology by 0.5% in the 4th quarter. Nuveen Asset Management LLC now owns 242,000 shares of the company's stock worth $9,288,000 after acquiring an additional 1,100 shares during the last quarter. Finally, Townsquare Capital LLC lifted its position in Qifu Technology by 4.5% during the 1st quarter. Townsquare Capital LLC now owns 26,218 shares of the company's stock worth $1,177,000 after acquiring an additional 1,120 shares during the period. 74.81% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have commented on QFIN. JPMorgan Chase & Co. started coverage on shares of Qifu Technology in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $65.00 price target on the stock. Wall Street Zen cut Qifu Technology from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th.

Qifu Technology Trading Down 3.1%

NASDAQ QFIN opened at $32.37 on Tuesday. Qifu Technology, Inc. has a 12 month low of $20.39 and a 12 month high of $48.94. The stock has a market capitalization of $5.10 billion, a P/E ratio of 4.96, a PEG ratio of 0.41 and a beta of 0.39. The firm's 50-day moving average is $40.51 and its two-hundred day moving average is $41.31. 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 (NASDAQ:QFIN - Get Free Report) last announced its earnings results on Monday, May 19th. The company reported $1.74 EPS for the quarter, beating analysts' consensus estimates of $1.72 by $0.02. The company had revenue of $646.19 million during the quarter, compared to analysts' expectations of $4.61 billion. Qifu Technology had a return on equity of 29.73% and a net margin of 38.99%. On average, sell-side analysts anticipate that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Qifu Technology 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.