Qifu Technology (NASDAQ:QFIN) Coverage Initiated by Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of Qifu Technology (NASDAQ:QFIN - Get Free Report) in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The firm set an "overweight" rating and a $65.00 price target on the stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 51.69% from the company's current price.

QFIN has been the subject of a number of other research reports. Wall Street Zen raised shares of Qifu Technology from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 21st. Bank of America upped their price target 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 Trading Up 0.3%

Shares of QFIN stock traded up $0.11 on Wednesday, hitting $42.85. The company had a trading volume of 1,112,242 shares, compared to its average volume of 1,626,681. Qifu Technology has a twelve month low of $18.13 and a twelve month 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 firm has a market cap of $6.75 billion, a P/E ratio of 6.57, a P/E/G ratio of 0.53 and a beta of 0.48. The stock's 50-day moving average is $42.80 and its two-hundred day moving average is $41.14.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last released its earnings results on Monday, May 19th. The company reported $1.74 earnings per share 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 business had revenue of $646.19 million during the quarter, compared to the consensus estimate of $4.61 billion. On average, equities research analysts anticipate that Qifu Technology will post 5.71 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Qifu Technology

A number of institutional investors and hedge funds have recently modified their holdings of the business. Rhumbline Advisers lifted its position in shares of Qifu Technology by 36.8% during the 4th quarter. Rhumbline Advisers now owns 24,988 shares of the company's stock valued at $959,000 after acquiring an additional 6,721 shares during the period. Truist Financial Corp acquired a new stake in Qifu Technology in the fourth quarter worth $231,000. Bank of New York Mellon Corp increased its stake in Qifu Technology by 4.9% in the fourth quarter. Bank of New York Mellon Corp now owns 118,758 shares of the company's stock valued at $4,558,000 after purchasing an additional 5,549 shares in the last quarter. QRG Capital Management Inc. raised its holdings in shares of Qifu Technology by 13.9% during the fourth quarter. QRG Capital Management Inc. now owns 12,959 shares of the company's stock valued at $497,000 after purchasing an additional 1,584 shares during the period. Finally, Jones Financial Companies Lllp bought a new position in shares of Qifu Technology during the 4th quarter worth about $29,000. 74.81% of the stock is currently owned by institutional investors.

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.