CenterBook Partners LP Cuts Position in Qifu Technology, Inc. (NASDAQ:QFIN)

Key Points

• CenterBook Partners LP significantly reduced its holdings in Qifu Technology by 74.7%, selling over 35,000 shares in the first quarter, leaving them with approximately $536,000 worth of stock.
• Recent analyst reports indicate that JPMorgan Chase & Co. has initiated coverage on Qifu Technology with an "overweight" rating and a price target of $65.00, while Wall Street Zen downgraded it from "strong-buy" to "buy".
• The company reported a net margin of 38.99% with $1.74 earnings per share for the last quarter, slightly surpassing analysts' expectations.

CenterBook Partners LP reduced its holdings in Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 74.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,925 shares of the company's stock after selling 35,258 shares during the quarter. CenterBook Partners LP's holdings in Qifu Technology were worth $536,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. Headlands Technologies LLC bought a new stake in shares of Qifu Technology in the first quarter valued at about $151,000. Deutsche Bank AG increased its stake in shares of Qifu Technology by 4.2% during the first quarter. Deutsche Bank AG now owns 314,460 shares of the company's stock worth $14,122,000 after purchasing an additional 12,715 shares during the period. Vanguard Group Inc. increased its stake in shares of Qifu Technology by 0.7% during the first quarter. Vanguard Group Inc. now owns 4,572,985 shares of the company's stock worth $205,373,000 after purchasing an additional 31,155 shares during the period. US Bancorp DE grew its position in Qifu Technology by 173.9% during the first quarter. US Bancorp DE now owns 14,904 shares of the company's stock worth $669,000 after buying an additional 9,463 shares in the last quarter. Finally, Natixis Advisors LLC grew its position in Qifu Technology by 34.1% during the first quarter. Natixis Advisors LLC now owns 31,682 shares of the company's stock worth $1,423,000 after buying an additional 8,061 shares in the last quarter. 74.81% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

QFIN has been the topic of a number of research analyst reports. Wall Street Zen downgraded Qifu Technology from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. JPMorgan Chase & Co. assumed coverage on Qifu Technology in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $65.00 target price for the company.

Qifu Technology Trading Up 5.5%

Qifu Technology stock traded up $1.78 during trading hours on Tuesday, reaching $34.15. 1,273,139 shares of the company's stock were exchanged, compared to its average volume of 1,700,485. 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 firm's 50 day simple moving average is $40.51 and its 200 day simple moving average is $41.31. Qifu Technology, Inc. has a twelve month low of $20.66 and a twelve month high of $48.94. The firm has a market capitalization of $5.38 billion, a PE ratio of 5.23, a PEG ratio of 0.41 and a beta of 0.39.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last issued 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. Qifu Technology had a return on equity of 29.73% and a net margin of 38.99%. The business had revenue of $646.19 million during the quarter, compared to analyst estimates of $4.61 billion. Research analysts predict that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Qifu Technology Company 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.