Krane Funds Advisors LLC Has $315.85 Million Position in Qifu Technology, Inc. (NASDAQ:QFIN)

Krane Funds Advisors LLC lifted its position in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 24.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 7,032,927 shares of the company's stock after acquiring an additional 1,381,624 shares during the quarter. Qifu Technology makes up 9.1% of Krane Funds Advisors LLC's investment portfolio, making the stock its 5th largest position. Krane Funds Advisors LLC owned approximately 4.46% of Qifu Technology worth $315,849,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in QFIN. Alliancebernstein L.P. purchased a new stake in Qifu Technology during the fourth quarter valued at about $92,150,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Qifu Technology by 10,812.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,042,306 shares of the company's stock valued at $91,720,000 after buying an additional 2,023,590 shares in the last quarter. Norges Bank bought a new stake in Qifu Technology in the 4th quarter worth approximately $46,579,000. Candriam S.C.A. purchased a new stake in Qifu Technology in the fourth quarter worth approximately $27,185,000. Finally, Aspex Management HK Ltd raised its stake in shares of Qifu Technology by 11.3% during the fourth quarter. Aspex Management HK Ltd now owns 6,371,808 shares of the company's stock worth $244,550,000 after acquiring an additional 648,088 shares in the last quarter. Institutional investors own 74.81% of the company's stock.

Analysts Set New Price Targets

QFIN has been the topic of a number of research analyst reports. JPMorgan Chase & Co. began coverage on Qifu Technology in a report on Wednesday. They set an "overweight" rating and a $65.00 price target on the stock. Wall Street Zen upgraded Qifu Technology from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 21st. Finally, Bank of America lifted their price target on shares of Qifu Technology from $50.66 to $52.70 and gave the company a "buy" rating in a report on Wednesday, March 26th.

Qifu Technology Stock Down 0.6%

Qifu Technology stock traded down $0.25 during trading hours on Wednesday, hitting $42.74. 1,241,675 shares of the stock traded hands, compared to its average volume of 1,571,972. Qifu Technology, Inc. has a one year low of $18.13 and a one year high of $48.94. The firm's 50-day moving average price is $42.73 and its two-hundred day moving average price is $41.13. 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 $6.74 billion, a PE ratio of 6.56, a PEG ratio of 0.54 and a beta of 0.49.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last released 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, research analysts forecast that Qifu Technology, Inc. will post 5.71 EPS for the current year.

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.