E Fund Management Hong Kong Co. Ltd. Sells 20,555 Shares of Qifu Technology, Inc. (NASDAQ:QFIN)

E Fund Management Hong Kong Co. Ltd. lowered its stake in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 30.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 47,274 shares of the company's stock after selling 20,555 shares during the period. Qifu Technology accounts for 1.9% of E Fund Management Hong Kong Co. Ltd.'s investment portfolio, making the stock its 9th largest position. E Fund Management Hong Kong Co. Ltd.'s holdings in Qifu Technology were worth $2,123,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GeoWealth Management LLC acquired a new position in Qifu Technology in the fourth quarter valued at approximately $26,000. Jones Financial Companies Lllp acquired a new position in shares of Qifu Technology in the 4th quarter worth approximately $29,000. Global Retirement Partners LLC lifted its holdings in shares of Qifu Technology by 80.2% in the 4th quarter. Global Retirement Partners LLC now owns 1,164 shares of the company's stock worth $45,000 after acquiring an additional 518 shares during the last quarter. Virtus Investment Advisers Inc. acquired a new position in shares of Qifu Technology in the 4th quarter worth approximately $61,000. Finally, iA Global Asset Management Inc. acquired a new position in Qifu Technology during the fourth quarter worth $93,000. Institutional investors and hedge funds own 74.81% of the company's stock.

Qifu Technology Stock Up 6.1%

Shares of NASDAQ QFIN traded up $2.62 during mid-day trading on Tuesday, hitting $45.80. The company had a trading volume of 1,964,338 shares, compared to its average volume of 1,580,113. The company has a market capitalization of $7.22 billion, a PE ratio of 7.02, a price-to-earnings-growth ratio of 0.54 and a beta of 0.49. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.08 and a quick ratio of 3.08. Qifu Technology, Inc. has a 1-year low of $18.13 and a 1-year high of $48.94. The business's 50-day simple moving average is $41.94 and its 200 day simple moving average is $40.93.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last issued its earnings results on Monday, May 19th. The company reported $1.74 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $4.61 billion. On average, analysts predict that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have commented on QFIN. Bank of America upped their price target on Qifu Technology from $50.66 to $52.70 and gave the stock a "buy" rating in a research note on Wednesday, March 26th. Wall Street Zen raised shares of Qifu Technology from a "buy" rating to a "strong-buy" rating in a research report on Saturday.

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.