Qifu Technology, Inc. (NASDAQ:QFIN) Shares Sold by RWC Asset Management LLP

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

Other hedge funds and other institutional investors have also bought and sold shares of the company. GeoWealth Management LLC bought a new stake in Qifu Technology during the 4th quarter valued at $26,000. Virtus Investment Advisers Inc. bought a new stake in Qifu Technology during the 4th quarter valued at $61,000. State of Wyoming bought a new stake in Qifu Technology during the 4th quarter valued at $97,000. Burns Matteson Capital Management LLC bought a new stake in Qifu Technology during the 1st quarter valued at $201,000. Finally, Ballentine Partners LLC bought a new stake in Qifu Technology during the 1st quarter valued at $206,000. Institutional investors own 74.81% of the company's stock.

Qifu Technology Stock Down 0.0%

Shares of Qifu Technology stock traded down $0.01 during trading on Thursday, reaching $34.31. The company's stock had a trading volume of 1,177,678 shares, compared to its average volume of 1,683,045. 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 company has a market cap of $5.41 billion, a price-to-earnings ratio of 5.27, a P/E/G ratio of 0.43 and a beta of 0.48. Qifu Technology, Inc. has a 1-year low of $18.13 and a 1-year high of $48.94. The company has a 50-day simple moving average of $41.91 and a two-hundred day simple moving average of $41.51.

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on QFIN. 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 on the stock. Wall Street Zen cut Qifu Technology from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th.

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.