Monolith Management Ltd Makes New $4.79 Million Investment in Qifu Technology, Inc. (NASDAQ:QFIN)

Monolith Management Ltd purchased a new stake in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 124,687 shares of the company's stock, valued at approximately $4,785,000. Qifu Technology comprises 2.5% of Monolith Management Ltd's holdings, making the stock its 14th biggest holding. Monolith Management Ltd owned approximately 0.08% of Qifu Technology as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GeoWealth Management LLC purchased a new position in shares of Qifu Technology during the fourth quarter valued at approximately $26,000. Jones Financial Companies Lllp purchased a new position in Qifu Technology in the 4th quarter worth approximately $29,000. Wilmington Savings Fund Society FSB purchased a new position in Qifu Technology in the 3rd quarter worth approximately $30,000. Advisors Preferred LLC purchased a new position in Qifu Technology in the 4th quarter worth approximately $41,000. Finally, Global Retirement Partners LLC raised its holdings in Qifu Technology by 80.2% in the 4th quarter. Global Retirement Partners LLC now owns 1,164 shares of the company's stock worth $45,000 after acquiring an additional 518 shares during the last quarter. 74.81% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Bank of America boosted their price objective on shares of Qifu Technology from $50.66 to $52.70 and gave the stock a "buy" rating in a report on Wednesday, March 26th.

Qifu Technology Stock Performance

Shares of QFIN stock traded up $0.08 during mid-day trading on Wednesday, reaching $40.62. 475,964 shares of the company's stock traded hands, compared to its average volume of 1,545,294. Qifu Technology, Inc. has a 12 month low of $18.13 and a 12 month high of $48.94. The firm has a 50 day moving average price of $40.92 and a two-hundred day moving average price of $38.41. The firm has a market capitalization of $6.40 billion, a PE ratio of 8.22, a price-to-earnings-growth ratio of 0.32 and a beta of 0.53.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last issued its earnings results on Sunday, March 16th. The company reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.14. The company had revenue of $613.89 million during the quarter, compared to the consensus estimate of $581.67 million. Qifu Technology had a net margin of 31.82% and a return on equity of 24.39%. As a group, equities analysts expect that Qifu Technology, Inc. will post 5.71 earnings per share for the current fiscal year.

Qifu Technology Increases Dividend

The company also recently announced a semi-annual dividend, which will be paid on Monday, June 2nd. Investors of record on Wednesday, April 23rd will be issued a $0.70 dividend. The ex-dividend date of this dividend is Wednesday, April 23rd. This represents a yield of 2.5%. This is an increase from Qifu Technology's previous semi-annual dividend of $0.60. Qifu Technology's dividend payout ratio is currently 23.79%.

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.