Prudential PLC Lowers Stock Holdings in Qfin Holdings Inc. - Sponsored ADR (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 Qfin Holdings Inc. - Sponsored ADR (NASDAQ:QFIN - Free Report) by 19.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 785,672 shares of the company's stock after selling 186,552 shares during the period. Prudential PLC owned about 0.50% of Qfin worth $35,285,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. GeoWealth Management LLC bought a new position in Qfin in the fourth quarter valued at $26,000. Virtus Investment Advisers Inc. bought a new position in shares of Qfin during the fourth quarter valued at about $61,000. State of Wyoming bought a new position in shares of Qfin during the fourth quarter valued at about $97,000. Headlands Technologies LLC bought a new position in shares of Qfin during the first quarter valued at about $151,000. Finally, Burns Matteson Capital Management LLC bought a new position in shares of Qfin during the first quarter valued at about $201,000. Hedge funds and other institutional investors own 74.81% of the company's stock.

Qfin Stock Down 4.1%

QFIN traded down $1.35 on Friday, hitting $31.95. The company had a trading volume of 2,485,035 shares, compared to its average volume of 2,300,131. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.08 and a quick ratio of 3.08. Qfin Holdings Inc. - Sponsored ADR has a 52-week low of $23.81 and a 52-week high of $48.94. The stock has a fifty day simple moving average of $39.82 and a 200-day simple moving average of $41.09. The firm has a market capitalization of $5.04 billion, a P/E ratio of 4.51, a P/E/G ratio of 0.41 and a beta of 0.39.

Qfin (NASDAQ:QFIN - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The company reported $1.78 EPS for the quarter, missing the consensus estimate of $1.79 by ($0.01). Qfin had a return on equity of 31.00% and a net margin of 38.66%. The company had revenue of $728.00 million during the quarter, compared to analysts' expectations of $4.68 billion. As a group, equities analysts expect that Qfin Holdings Inc. - Sponsored ADR will post 5.71 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on QFIN. JPMorgan Chase & Co. began coverage on Qfin in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $65.00 price objective on the stock. Wall Street Zen cut Qfin from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th.

About Qfin

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.