KBC Group NV Increases Position in Qifu Technology, Inc. (NASDAQ:QFIN)

KBC Group NV raised its holdings in Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 592.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 244,960 shares of the company's stock after buying an additional 209,579 shares during the period. KBC Group NV owned approximately 0.16% of Qifu Technology worth $11,001,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GeoWealth Management LLC purchased a new position in Qifu Technology in the 4th quarter valued at approximately $26,000. Jones Financial Companies Lllp purchased a new position in Qifu Technology in the 4th quarter valued at approximately $29,000. Virtus Investment Advisers Inc. purchased a new position in Qifu Technology in the 4th quarter valued at approximately $61,000. iA Global Asset Management Inc. purchased a new position in Qifu Technology in the 4th quarter valued at approximately $93,000. Finally, State of Wyoming purchased a new position in Qifu Technology in the 4th quarter valued at approximately $97,000. Hedge funds and other institutional investors own 74.81% of the company's stock.

Qifu Technology Stock Performance

QFIN traded up $0.71 on Friday, reaching $43.45. The company had a trading volume of 1,256,072 shares, compared to its average volume of 1,577,224. Qifu Technology, Inc. has a 1 year low of $18.13 and a 1 year high of $48.94. The stock has a market capitalization of $6.85 billion, a PE ratio of 6.66, a P/E/G ratio of 0.54 and a beta of 0.48. The company has a quick ratio of 3.08, a current ratio of 3.08 and a debt-to-equity ratio of 0.21. The stock has a 50-day moving average price of $42.90 and a 200-day moving average price of $41.23.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last announced its quarterly earnings results on Monday, May 19th. The company reported $1.74 earnings per share for the quarter, beating analysts' consensus estimates of $1.72 by $0.02. Qifu Technology had a net margin of 38.99% and a return on equity of 29.73%. The firm had revenue of $646.19 million during the quarter, compared to analysts' expectations of $4.61 billion. As a group, research analysts forecast that Qifu Technology, Inc. will post 5.71 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. JPMorgan Chase & Co. assumed coverage on shares of Qifu Technology in a research note on Wednesday. They set an "overweight" rating and a $65.00 target price for the company. Bank of America boosted their target price on shares of Qifu Technology from $50.66 to $52.70 and gave the stock a "buy" rating in a research note on Wednesday, March 26th. Finally, Wall Street Zen raised shares of Qifu Technology from a "buy" rating to a "strong-buy" rating in a research report on Saturday, June 21st.

About Qifu Technology

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.