RWC Asset Management LLP Sells 28,714 Shares of Qifu Technology, Inc. (NASDAQ:QFIN)

Key Points

• RWC Asset Management LLP has reduced its stake in Qifu Technology, Inc. by 68.1%, holding only 13,454 shares valued at approximately $604,000 after selling 28,714 shares in the first quarter.
• Institutional investors own a significant portion of the company, with 74.81% of Qifu Technology's stock held by hedge funds and other institutional investors.
• Wall Street analysts have mixed ratings on the stock, with JPMorgan Chase recently initiating coverage with an "overweight" rating and a price target of $65.00.

RWC Asset Management LLP decreased its position in Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 68.1% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 13,454 shares of the company's stock after selling 28,714 shares during the period. RWC Asset Management LLP's holdings in Qifu Technology were worth $604,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. GeoWealth Management LLC bought a new position in shares of Qifu Technology in the 4th quarter valued at about $26,000. Virtus Investment Advisers Inc. bought a new stake in Qifu Technology in the fourth quarter valued at approximately $61,000. State of Wyoming acquired a new stake in shares of Qifu Technology in the fourth quarter valued at approximately $97,000. Burns Matteson Capital Management LLC bought a new position in shares of Qifu Technology during the 1st quarter worth approximately $201,000. Finally, Ballentine Partners LLC acquired a new position in shares of Qifu Technology during the 1st quarter worth approximately $206,000. 74.81% of the stock is currently owned by institutional investors and hedge funds.

Qifu Technology Price Performance

Shares of QFIN stock remained flat at $35.04 during trading hours on Tuesday. The stock had a trading volume of 1,883,893 shares, compared to its average volume of 1,869,313. The company has a market capitalization of $5.52 billion, a P/E ratio of 5.37, a price-to-earnings-growth ratio of 0.43 and a beta of 0.48. The firm has a 50 day moving average of $42.25 and a two-hundred day moving average of $41.61. Qifu Technology, Inc. has a 52 week low of $18.13 and a 52 week high of $48.94. The company has a current ratio of 3.08, a quick ratio of 3.08 and a debt-to-equity ratio of 0.21.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last issued its quarterly 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 the consensus estimate of $4.61 billion. Qifu Technology had a return on equity of 29.73% and a net margin of 38.99%. On average, equities research analysts expect that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on QFIN shares. JPMorgan Chase & Co. initiated coverage on Qifu Technology in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $65.00 target price on the stock. 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.

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.