Jupiter Asset Management Ltd. Decreases Position in Qifu Technology, Inc. (NASDAQ:QFIN)

Key Points

• Jupiter Asset Management Ltd. significantly reduced its stake in Qifu Technology, Inc. by 95%, selling 250,700 shares and now owning only 13,100 shares worth approximately $588,000.
• Qifu Technology's stock has seen a slight decline of 0.7%, trading at $33.05, while the company reported a net margin of 38.99% and a return on equity of 29.73% for its last quarter.
• Brokerages have recently given Qifu Technology mixed ratings, with JPMorgan Chase & Co. setting an "overweight" rating and a price target of $65.00, while Wall Street Zen downgraded it to a "buy" rating.

Jupiter Asset Management Ltd. trimmed its stake in Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 95.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,100 shares of the company's stock after selling 250,700 shares during the period. Jupiter Asset Management Ltd.'s holdings in Qifu Technology were worth $588,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. HB Wealth Management LLC lifted its holdings in shares of Qifu Technology by 7.2% during the 1st quarter. HB Wealth Management LLC now owns 6,431 shares of the company's stock valued at $289,000 after purchasing an additional 431 shares during the last quarter. GeoWealth Management LLC acquired a new stake in Qifu Technology in the fourth quarter worth about $26,000. O Shaughnessy Asset Management LLC grew its stake in shares of Qifu Technology by 11.1% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 10,172 shares of the company's stock worth $390,000 after acquiring an additional 1,018 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in shares of Qifu Technology by 0.5% during the fourth quarter. Nuveen Asset Management LLC now owns 242,000 shares of the company's stock valued at $9,288,000 after acquiring an additional 1,100 shares in the last quarter. Finally, Quantinno Capital Management LP raised its position in shares of Qifu Technology by 8.5% in the 4th quarter. Quantinno Capital Management LP now owns 17,848 shares of the company's stock valued at $685,000 after purchasing an additional 1,392 shares during the last quarter. 74.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Qifu Technology Price Performance

Shares of NASDAQ:QFIN traded down $0.13 during trading on Friday, reaching $33.47. 865,702 shares of the company's stock traded hands, compared to its average volume of 1,705,797. The company has a quick ratio of 3.08, a current ratio of 3.08 and a debt-to-equity ratio of 0.21. Qifu Technology, Inc. has a fifty-two week low of $20.00 and a fifty-two week high of $48.94. The company has a 50-day simple moving average of $40.83 and a 200-day simple moving average of $41.36. The firm has a market cap of $5.28 billion, a PE ratio of 5.13, a P/E/G ratio of 0.41 and a beta of 0.39.

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