Public Sector Pension Investment Board Boosts Stock Position in Qfin Holdings Inc. - Sponsored ADR (NASDAQ:QFIN)

Key Points

• The Public Sector Pension Investment Board increased its stake in Qifu Technology, Inc. by 907.6% in the first quarter, acquiring an additional 336,201 shares.
• Hedge funds and institutional investors collectively own 74.81% of Qifu Technology, with notable new positions taken by firms such as GeoWealth Management and Burns Matteson Capital Management.
• Qifu Technology's recent earnings report showed a net margin of 38.99% and earnings per share of $1.74, beating the consensus estimate by $0.02.

Public Sector Pension Investment Board raised its holdings in Qfin Holdings Inc. - Sponsored ADR (NASDAQ:QFIN - Free Report) by 907.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 373,243 shares of the company's stock after buying an additional 336,201 shares during the quarter. Public Sector Pension Investment Board owned about 0.24% of Qfin worth $16,762,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its stake in Qfin by 6.1% in the first quarter. Bank of New York Mellon Corp now owns 125,955 shares of the company's stock valued at $5,657,000 after buying an additional 7,197 shares during the last quarter. Yousif Capital Management LLC purchased a new position in shares of Qfin in the first quarter worth about $209,000. Oppenheimer & Co. Inc. purchased a new position in shares of Qfin in the first quarter worth about $208,000. Principal Financial Group Inc. raised its stake in shares of Qfin by 52.9% in the first quarter. Principal Financial Group Inc. now owns 61,384 shares of the company's stock worth $2,757,000 after purchasing an additional 21,250 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd raised its stake in shares of Qfin by 583.8% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 484,322 shares of the company's stock worth $21,751,000 after purchasing an additional 413,493 shares during the last quarter. 74.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

QFIN has been the subject of several research analyst reports. Wall Street Zen cut Qfin from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. JPMorgan Chase & Co. began coverage on Qfin in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $65.00 price objective for the company.

Qfin Stock Performance

QFIN stock traded down $1.35 during trading on Friday, hitting $31.95. 2,485,035 shares of the company traded hands, compared to its average volume of 2,300,131. The stock's 50-day simple moving average is $39.82 and its 200 day simple moving average is $41.09. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.08 and a quick ratio of 3.08. The company has a market cap of $5.04 billion, a PE ratio of 4.51, a P/E/G ratio of 0.41 and a beta of 0.39. Qfin Holdings Inc. - Sponsored ADR has a 1 year low of $23.81 and a 1 year high of $48.94.

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

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.