Qfin (NASDAQ:QFIN) Sets New 12-Month Low Following Insider Selling

Key Points

• Qfin shares fell to a new 52-week low of $7.28 after director Andrew Y. Yan sold 657,000 shares for approximately $4.9 million, reducing his position by 50.25%.
• Analyst sentiment is bearish: Qfin has an average rating of “Reduce,” with four Sell, three Hold, and one Buy ratings, and an average price target of $12.29.
• The company reported quarterly EPS of $0.55 on $524.96 million in revenue and announced a reduced dividend of $0.46 per share, down from $0.78.

Qfin Holdings Inc. - Sponsored ADR (NASDAQ:QFIN - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $7.28 and last traded at $7.28, with a volume of 1856 shares traded. The stock had previously closed at $7.30.

Specifically, Director Andrew Y. Yan sold 326,700 shares of the firm's stock in a transaction that occurred on Friday, September 25th. The shares were sold at an average price of $7.36, for a total value of $2,404,512.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Andrew Y. Yan sold 330,000 shares of Qfin stock in a transaction that occurred on Thursday, September 24th. The stock was sold at an average price of $7.52, for a total transaction of $2,481,600.00. Following the completion of the sale, the director directly owned 326,700 shares of the company's stock, valued at approximately $2,456,784. This trade represents a 50.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

Analyst Ratings Changes

Several equities analysts have recently weighed in on QFIN shares. Deutsche Bank Aktiengesellschaft set a $13.00 price target on Qfin in a report on Wednesday, August 12th. Citigroup lowered Qfin from a "buy" rating to a "sell" rating and set a $8.00 price objective for the company. in a report on Wednesday, August 26th. Bank of America reiterated a "neutral" rating on shares of Qfin in a research report on Thursday, September 10th. Jefferies Financial Group reissued a "buy" rating and issued a $15.40 target price on shares of Qfin in a research report on Wednesday, August 26th. Finally, Morgan Stanley downgraded Qfin from an "overweight" rating to an "equal weight" rating and set a $13.00 price target for the company. in a research note on Wednesday, August 26th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average target price of $12.29.

Qfin Stock Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 2.17 and a quick ratio of 2.17. The business has a 50-day simple moving average of $10.78 and a 200 day simple moving average of $12.83. The firm has a market cap of $886.34 million, a PE ratio of 1.75 and a beta of 0.57.

Qfin (NASDAQ:QFIN - Get Free Report) last posted its quarterly earnings data on Friday, August 14th. The company reported $0.55 EPS for the quarter. Qfin had a return on equity of 15.23% and a net margin of 22.23%.The firm had revenue of $524.96 million for the quarter. Equities research analysts forecast that Qfin Holdings Inc. - Sponsored ADR will post 2.42 EPS for the current year.

Qfin Cuts Dividend

The company also recently announced a dividend, which will be paid on Thursday, October 1st. Shareholders of record on Wednesday, September 9th will be paid a dividend of $0.46 per share. This represents a yield of 1,070.0%. The ex-dividend date is Wednesday, September 9th. This is a negative change from Qfin's previous dividend of $0.78. Qfin's dividend payout ratio (DPR) is 21.63%.

Hedge Funds Weigh In On Qfin

Several large investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd increased its stake in shares of Qfin by 813.7% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,669 shares of the company's stock worth $90,000 after purchasing an additional 4,158 shares in the last quarter. QRG Capital Management Inc. purchased a new position in shares of Qfin during the 1st quarter valued at $136,000. DGS Capital Management LLC lifted its stake in shares of Qfin by 8.8% during the 1st quarter. DGS Capital Management LLC now owns 10,906 shares of the company's stock valued at $141,000 after buying an additional 878 shares in the last quarter. Ramsey Quantitative Systems purchased a new position in shares of Qfin during the 2nd quarter valued at $207,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in Qfin in the 4th quarter worth $427,000. Hedge funds and other institutional investors own 74.81% of the company's stock.

About Qfin

Qifu Technology, Inc NASDAQ: QFIN, formerly known as 360 DigiTech, Inc, is a China-based financial technology company that operates a technology-enabled consumer credit services platform. The company uses data analytics, artificial intelligence and risk-management technologies to help connect consumers seeking credit with financial institutions and other lending partners.

Qifu provides services across the consumer lending process, including customer acquisition, credit assessment, loan facilitation, risk management and post-origination support.

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