AI Squared Management Ltd Takes Position in Qifu Technology, Inc. (NASDAQ:QFIN)

AI Squared Management Ltd purchased a new position in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 213,200 shares of the company's stock, valued at approximately $3,373,000. Qifu Technology comprises 4.3% of AI Squared Management Ltd's holdings, making the stock its 6th biggest holding. AI Squared Management Ltd owned about 0.13% of Qifu Technology as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. abrdn plc raised its stake in shares of Qifu Technology by 1.8% during the third quarter. abrdn plc now owns 86,850 shares of the company's stock worth $1,334,000 after purchasing an additional 1,519 shares during the last quarter. American Century Companies Inc. raised its position in shares of Qifu Technology by 17.2% during 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 last quarter. Altfest L J & Co. Inc. lifted its position in shares of Qifu Technology by 16.0% in the fourth quarter. Altfest L J & Co. Inc. now owns 22,960 shares of the company's stock valued at $363,000 after acquiring an additional 3,171 shares in the last quarter. Canada Pension Plan Investment Board lifted its holdings in Qifu Technology by 138.5% in the 3rd quarter. Canada Pension Plan Investment Board now owns 470,910 shares of the company's stock valued at $7,233,000 after purchasing an additional 273,500 shares in the last quarter. Finally, QRG Capital Management Inc. acquired a new stake in shares of Qifu Technology during the 3rd quarter worth about $351,000. Institutional investors and hedge funds own 74.81% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Citigroup upped their price target on shares of Qifu Technology from $23.54 to $23.80 and gave the stock a "buy" rating in a research report on Thursday, March 14th.

Qifu Technology Stock Performance

Shares of Qifu Technology stock traded up $0.99 during trading on Thursday, reaching $20.90. The company had a trading volume of 1,021,269 shares, compared to its average volume of 1,108,859. The company has a market cap of $3.37 billion, a price-to-earnings ratio of 5.71, a price-to-earnings-growth ratio of 0.45 and a beta of 0.57. The firm's fifty day moving average is $18.39 and its 200-day moving average is $16.23. Qifu Technology, Inc. has a fifty-two week low of $13.12 and a fifty-two week high of $20.99.

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

Qifu Technology Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, April 15th will be issued a $0.57 dividend. The ex-dividend date is Friday, April 12th. This represents a dividend yield of 5.7%. This is a boost from Qifu Technology's previous semi-annual dividend of $0.50. Qifu Technology's dividend payout ratio is currently 31.15%.

Qifu Technology 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.