Qifu Technology, Inc. (NASDAQ:QFIN) Sees Significant Decrease in Short Interest

Qifu Technology, Inc. (NASDAQ:QFIN - Get Free Report) was the recipient of a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 3,750,000 shares, a drop of 17.0% from the March 15th total of 4,520,000 shares. Based on an average daily trading volume, of 1,140,000 shares, the short-interest ratio is currently 3.3 days.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on QFIN. Citigroup boosted their target price on Qifu Technology from $23.54 to $23.80 and gave the stock a "buy" rating in a research note on Thursday, March 14th. Nomura assumed coverage on Qifu Technology in a research report on Monday, December 18th. They issued a "buy" rating on the stock.

Institutional Investors Weigh In On Qifu Technology

Institutional investors have recently added to or reduced their stakes in the business. abrdn plc boosted its holdings in shares of Qifu Technology by 1.8% in the third quarter. abrdn plc now owns 86,850 shares of the company's stock worth $1,334,000 after acquiring an additional 1,519 shares during the period. American Century Companies Inc. boosted its stake in Qifu Technology by 17.2% in the 3rd quarter. American Century Companies Inc. now owns 379,186 shares of the company's stock worth $5,824,000 after purchasing an additional 55,766 shares during the period. Altfest L J & Co. Inc. grew its holdings in Qifu Technology by 16.0% during the 4th quarter. Altfest L J & Co. Inc. now owns 22,960 shares of the company's stock valued at $363,000 after buying an additional 3,171 shares in the last quarter. Canada Pension Plan Investment Board increased its position in shares of Qifu Technology by 138.5% during the third quarter. Canada Pension Plan Investment Board now owns 470,910 shares of the company's stock valued at $7,233,000 after buying an additional 273,500 shares during the period. Finally, QRG Capital Management Inc. purchased a new stake in shares of Qifu Technology in the third quarter worth about $351,000. 74.81% of the stock is owned by hedge funds and other institutional investors.

Qifu Technology Price Performance

Shares of Qifu Technology stock traded down $0.85 on Friday, reaching $18.54. 992,112 shares of the company traded hands, compared to its average volume of 1,147,534. The firm has a market capitalization of $2.99 billion, a PE ratio of 5.07, a PEG ratio of 0.46 and a beta of 0.62. The company has a 50 day moving average of $16.95 and a 200 day moving average of $15.79. Qifu Technology has a 52 week low of $13.12 and a 52 week high of $20.61.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last released its earnings results on Tuesday, March 12th. The company reported $0.96 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.96. The business had revenue of $633.18 million during the quarter, compared to the consensus estimate of $597.09 million. Qifu Technology had a return on equity of 20.44% and a net margin of 26.29%. As a group, analysts anticipate that Qifu Technology will post 4.31 earnings per share for the current year.

Qifu Technology Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Friday, May 24th. Investors of record on Monday, April 15th will be paid a $0.57 dividend. This is a boost from Qifu Technology's previous semi-annual dividend of $0.50. This represents a yield of 5.7%. The ex-dividend date is Friday, April 12th. Qifu Technology's payout ratio is currently 26.78%.

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.