MY.Alpha Management HK Advisors Ltd Invests $17.79 Million in Qifu Technology, Inc. (NASDAQ:QFIN)

MY.Alpha Management HK Advisors Ltd purchased a new position in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 463,593 shares of the company's stock, valued at approximately $17,793,000. Qifu Technology comprises about 7.9% of MY.Alpha Management HK Advisors Ltd's holdings, making the stock its 5th biggest holding. MY.Alpha Management HK Advisors Ltd owned 0.29% of Qifu Technology at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. GeoWealth Management LLC acquired a new stake in shares of Qifu Technology in the fourth quarter valued at approximately $26,000. Jones Financial Companies Lllp purchased a new stake in Qifu Technology during the 4th quarter worth approximately $29,000. Advisors Preferred LLC bought a new stake in shares of Qifu Technology in the 4th quarter valued at approximately $41,000. Global Retirement Partners LLC boosted its position in Qifu Technology by 80.2% during 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 period. Finally, BOCHK Asset Management Ltd purchased a new stake in shares of Qifu Technology during the fourth quarter valued at $46,000. Institutional investors and hedge funds own 74.81% of the company's stock.

Qifu Technology Stock Performance

Shares of QFIN stock traded down $0.24 during mid-day trading on Monday, hitting $44.03. The company's stock had a trading volume of 926,240 shares, compared to its average volume of 1,561,124. The company has a market cap of $6.94 billion, a PE ratio of 8.91, a P/E/G ratio of 0.32 and a beta of 0.53. Qifu Technology, Inc. has a 52 week low of $18.13 and a 52 week high of $48.94. The company's fifty day simple moving average is $41.62 and its 200-day simple moving average is $39.36.

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 analysts' consensus estimates of $1.68 by $0.14. Qifu Technology had a return on equity of 24.39% and a net margin of 31.82%. The business had revenue of $613.89 million during the quarter, compared to analyst estimates of $581.67 million. On average, equities analysts anticipate that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Qifu Technology Increases Dividend

The firm also recently declared 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. This is a boost from Qifu Technology's previous semi-annual dividend of $0.60. The ex-dividend date is Wednesday, April 23rd. This represents a yield of 2.5%. Qifu Technology's dividend payout ratio is presently 23.79%.

Wall Street Analysts Forecast Growth

Separately, Bank of America boosted their price target on Qifu Technology from $50.66 to $52.70 and gave the company a "buy" rating in a research note on Wednesday, March 26th.

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.