Qifu Technology (NASDAQ:QFIN) Now Covered by Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of Qifu Technology (NASDAQ:QFIN - Get Free Report) in a note issued to investors on Wednesday, MarketBeat reports. The firm set an "overweight" rating and a $65.00 price target on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 49.60% from the company's previous close.

A number of other research analysts also recently issued reports on QFIN. Wall Street Zen upgraded shares of Qifu Technology from a "buy" rating to a "strong-buy" rating in a research report on Saturday, June 21st. Bank of America upped their target price on shares of Qifu Technology from $50.66 to $52.70 and gave the company a "buy" rating in a research report on Wednesday, March 26th.

Qifu Technology Price Performance

NASDAQ QFIN traded up $0.71 on Wednesday, hitting $43.45. 1,256,072 shares of the company were exchanged, compared to its average volume of 1,577,224. The firm has a 50 day moving average of $42.90 and a two-hundred day moving average of $41.23. The company has a market cap of $6.85 billion, a P/E ratio of 6.66, a P/E/G ratio of 0.54 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 has a 1-year low of $18.13 and a 1-year high of $48.94.

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

Institutional Trading of Qifu Technology

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Swedbank AB increased its stake in shares of Qifu Technology by 45.4% in the 1st quarter. Swedbank AB now owns 1,301,900 shares of the company's stock valued at $58,468,000 after acquiring an additional 406,600 shares during the last quarter. Voya Investment Management LLC increased its stake in shares of Qifu Technology by 22.7% in the 1st quarter. Voya Investment Management LLC now owns 19,618 shares of the company's stock valued at $881,000 after acquiring an additional 3,632 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Qifu Technology by 183.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 888,680 shares of the company's stock valued at $39,911,000 after acquiring an additional 575,545 shares during the last quarter. Caxton Associates LLP bought a new stake in shares of Qifu Technology in the 1st quarter valued at about $1,297,000. Finally, Goldman Sachs Group Inc. increased its stake in shares of Qifu Technology by 32.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,603,830 shares of the company's stock valued at $72,028,000 after acquiring an additional 395,589 shares during the last quarter. 74.81% of the stock is owned by institutional investors.

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.