Qifu Technology, Inc. (NASDAQ:QFIN) Sees Large Growth in Short Interest

Qifu Technology, Inc. (NASDAQ:QFIN - Get Free Report) was the target of a significant increase in short interest in March. As of March 31st, there was short interest totalling 8,240,000 shares, an increase of 123.9% from the March 15th total of 3,680,000 shares. Based on an average daily volume of 1,730,000 shares, the short-interest ratio is currently 4.8 days. Currently, 7.0% of the company's stock are sold short.

Institutional Investors Weigh In On Qifu Technology

A number of hedge funds have recently modified their holdings of the business. Wrapmanager Inc. raised its holdings in Qifu Technology by 4.1% in the 4th quarter. Wrapmanager Inc. now owns 7,554 shares of the company's stock valued at $290,000 after acquiring an additional 296 shares during the last quarter. Global Retirement Partners LLC lifted its position in Qifu Technology by 80.2% during the fourth quarter. Global Retirement Partners LLC now owns 1,164 shares of the company's stock worth $45,000 after buying an additional 518 shares in the last quarter. DGS Capital Management LLC boosted its position in shares of Qifu Technology by 5.9% during the 4th quarter. DGS Capital Management LLC now owns 11,413 shares of the company's stock valued at $438,000 after acquiring an additional 631 shares during the last quarter. GeoWealth Management LLC acquired a new position in Qifu Technology in the 4th quarter valued at about $26,000. Finally, Jones Financial Companies Lllp acquired a new stake in shares of Qifu Technology during the 4th quarter worth approximately $29,000. 74.81% of the stock is currently owned by institutional investors and hedge funds.

Qifu Technology Trading Up 1.4 %

Shares of Qifu Technology stock traded up $0.51 during trading hours on Monday, reaching $35.84. The stock had a trading volume of 497,586 shares, compared to its average volume of 1,535,946. Qifu Technology has a twelve month low of $17.95 and a twelve month high of $48.94. The stock's 50 day moving average is $41.55 and its 200 day moving average is $38.11. The firm has a market capitalization of $5.65 billion, a PE ratio of 7.22, a PEG ratio of 0.32 and a beta of 0.53.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last announced its earnings results on Sunday, March 16th. The company reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.14. Qifu Technology had a net margin of 31.82% and a return on equity of 24.39%. The business had revenue of $613.89 million for the quarter, compared to analyst estimates of $581.67 million. As a group, sell-side analysts predict that Qifu Technology will post 5.71 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 Monday, June 2nd. Shareholders of record on Wednesday, April 23rd will be issued a $0.70 dividend. The ex-dividend date is Wednesday, April 23rd. This represents a yield of 2.5%. This is a positive change from Qifu Technology's previous semi-annual dividend of $0.60. Qifu Technology's dividend payout ratio (DPR) is presently 23.79%.

Analysts Set New Price Targets

Separately, Bank of America raised their price target on Qifu Technology from $50.66 to $52.70 and gave the stock a "buy" rating in a report 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.