Public Sector Pension Investment Board Boosts Holdings in Qifu Technology, Inc. (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 stake in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 907.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 373,243 shares of the company's stock after purchasing an additional 336,201 shares during the period. Public Sector Pension Investment Board owned 0.24% of Qifu Technology worth $16,762,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in QFIN. GeoWealth Management LLC purchased a new position in Qifu Technology during the fourth quarter valued at $26,000. Virtus Investment Advisers Inc. purchased a new position in Qifu Technology during the fourth quarter valued at $61,000. State of Wyoming purchased a new position in Qifu Technology during the fourth quarter valued at $97,000. Headlands Technologies LLC purchased a new position in Qifu Technology during the first quarter valued at $151,000. Finally, Burns Matteson Capital Management LLC purchased a new position in Qifu Technology during the first quarter valued at $201,000. 74.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Qifu Technology Stock Performance

NASDAQ:QFIN opened at $32.37 on Tuesday. The company's 50-day moving average price is $40.51 and its 200-day moving average price is $41.31. The company has a current ratio of 3.08, a quick ratio of 3.08 and a debt-to-equity ratio of 0.21. The company has a market cap of $5.10 billion, a P/E ratio of 4.96, a P/E/G ratio of 0.41 and a beta of 0.39. Qifu Technology, Inc. has a twelve month low of $20.39 and a twelve month high of $48.94.

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

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