Skandinaviska Enskilda Banken AB publ Trims Stake in Qifu Technology, Inc. (NASDAQ:QFIN)

Key Points

• Skandinaviska Enskilda Banken AB has reduced its stake in Qifu Technology by selling 19,600 shares, bringing its total ownership to 255,054 shares, valued at approximately $11.45 million.
• Analysts have downgraded Qifu Technology's rating from "strong-buy" to "buy", while JPMorgan Chase has initiated coverage with an "overweight" rating and a price target of $65.00.
• The company's latest quarterly results showed earnings per share of $1.74, exceeding analysts' expectations, although its revenue fell short of projections at $646.19 million against a forecast of $4.61 billion.

Skandinaviska Enskilda Banken AB publ cut its position in Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 7.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 255,054 shares of the company's stock after selling 19,600 shares during the period. Skandinaviska Enskilda Banken AB publ owned 0.16% of Qifu Technology worth $11,454,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. GeoWealth Management LLC acquired a new stake in shares of Qifu Technology in the fourth quarter worth approximately $26,000. Virtus Investment Advisers Inc. acquired a new position in Qifu Technology during the fourth quarter worth $61,000. State of Wyoming acquired a new position in Qifu Technology during the fourth quarter worth $97,000. Burns Matteson Capital Management LLC acquired a new position in Qifu Technology during the first quarter worth $201,000. Finally, Ballentine Partners LLC acquired a new position in Qifu Technology during the first quarter worth $206,000. 74.81% of the stock is owned by institutional investors and hedge funds.

Qifu Technology Trading Down 1.7%

NASDAQ QFIN traded down $0.59 on Wednesday, reaching $34.45. 577,690 shares of the company were exchanged, compared to its average volume of 1,679,925. The business's fifty day moving average price is $42.08 and its 200 day moving average price is $41.56. The stock has a market capitalization of $5.43 billion, a P/E ratio of 5.28, a price-to-earnings-growth ratio of 0.43 and a beta of 0.48. 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, Inc. has a fifty-two week low of $18.13 and a fifty-two week high of $48.94.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last posted its 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. Qifu Technology had a return on equity of 29.73% and a net margin of 38.99%. The company had revenue of $646.19 million for the quarter, compared to the consensus estimate of $4.61 billion. Analysts forecast that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Qifu Technology 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.