OVERSEA CHINESE BANKING Corp Ltd Has $1.26 Million Position in Qifu Technology, Inc. (NASDAQ:QFIN)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd reduced its stake in Qifu Technology by 60.4% during the first quarter, now holding 28,053 shares valued at approximately $1.26 million.
• Mirae Asset Global Investments increased its holdings in Qifu Technology by an extraordinary 10,812.1%, now owning over 2 million shares worth around $91.72 million.
• Equities analysts have varying ratings on Qifu Technology, with JPMorgan setting an "overweight" rating and a target price of $65.00, while Wall Street Zen changed its rating from "strong-buy" to "buy."

OVERSEA CHINESE BANKING Corp Ltd cut its holdings in Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 60.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 28,053 shares of the company's stock after selling 42,776 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Qifu Technology were worth $1,259,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. US Bancorp DE boosted its stake in Qifu Technology by 173.9% in the first quarter. US Bancorp DE now owns 14,904 shares of the company's stock valued at $669,000 after acquiring an additional 9,463 shares during the last quarter. Natixis Advisors LLC raised its holdings in Qifu Technology by 34.1% in the first quarter. Natixis Advisors LLC now owns 31,682 shares of the company's stock worth $1,423,000 after purchasing an additional 8,061 shares during the period. Baader Bank Aktiengesellschaft acquired a new stake in Qifu Technology in the first quarter worth $225,000. Banque Cantonale Vaudoise acquired a new stake in Qifu Technology in the first quarter worth $4,626,000. Finally, Federated Hermes Inc. raised its holdings in Qifu Technology by 3.0% in the first quarter. Federated Hermes Inc. now owns 307,907 shares of the company's stock worth $13,828,000 after purchasing an additional 8,852 shares during the period. 74.81% of the stock is owned by institutional investors.

Qifu Technology Price Performance

Shares of NASDAQ:QFIN remained flat at $33.28 during midday trading on Tuesday. 617,264 shares of the company were exchanged, compared to its average volume of 1,698,912. Qifu Technology, Inc. has a fifty-two week low of $19.06 and a fifty-two week high of $48.94. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.08 and a current ratio of 3.08. The stock's fifty day moving average price is $41.56 and its two-hundred day moving average price is $41.55. The firm has a market cap of $5.25 billion, a price-to-earnings ratio of 5.10, a PEG ratio of 0.42 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, 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 analyst estimates of $4.61 billion. As a group, analysts forecast that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on QFIN. JPMorgan Chase & Co. began coverage on shares of Qifu Technology in a report on Wednesday, July 2nd. They set an "overweight" rating and a $65.00 price objective on the stock. Wall Street Zen lowered shares of Qifu Technology from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th.

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.