Qfin (NASDAQ:QFIN) Issues Quarterly Earnings Results

Key Points

• Qfin reported quarterly earnings of $1.78 per share, which was below the consensus estimate of $1.83.
• The company has a robust return on equity of 29.73% and a net margin of 38.99%, indicating strong operational performance.
• Institutional ownership is high, with 74.81% of Qfin stock held by institutional investors.

Qfin (NASDAQ:QFIN - Get Free Report) issued its earnings results on Thursday. The company reported $1.78 earnings per share for the quarter, missing analysts' consensus estimates of $1.79 by ($0.01), Zacks reports. The business had revenue of $728.00 million during the quarter, compared to the consensus estimate of $4.68 billion. Qfin had a return on equity of 31.00% and a net margin of 38.66%.

Qfin Stock Down 1.5%

Shares of QFIN stock traded down $0.44 during trading hours on Tuesday, reaching $29.46. The company had a trading volume of 2,161,108 shares, compared to its average volume of 1,726,722. Qfin has a 12 month low of $23.86 and a 12 month high of $48.94. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.08 and a quick ratio of 3.08. The business has a fifty day simple moving average of $39.57 and a 200-day simple moving average of $41.02. The company has a market cap of $4.64 billion, a price-to-earnings ratio of 4.16, a price-to-earnings-growth ratio of 0.40 and a beta of 0.39.

Analysts Set New Price Targets

QFIN has been the subject of a number of research analyst reports. JPMorgan Chase & Co. initiated coverage on Qfin in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $65.00 target price for the company. Wall Street Zen lowered Qfin from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $51.73.

Institutional Trading of Qfin

Institutional investors and hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Qfin during the first quarter valued at $29,000. Royal Bank of Canada increased its holdings in shares of Qfin by 51.7% in the first quarter. Royal Bank of Canada now owns 6,508 shares of the company's stock worth $293,000 after purchasing an additional 2,219 shares during the period. California State Teachers Retirement System increased its holdings in shares of Qfin by 333.8% in the second quarter. California State Teachers Retirement System now owns 34,810 shares of the company's stock worth $1,509,000 after purchasing an additional 26,786 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Qfin by 32.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,603,830 shares of the company's stock worth $72,028,000 after purchasing an additional 395,589 shares during the period. 74.81% of the stock is owned by hedge funds and other institutional investors.

About Qfin

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.