Qifu Technology (NASDAQ:QFIN) Downgraded by Wall Street Zen to "Buy"

Wall Street Zen lowered shares of Qifu Technology (NASDAQ:QFIN - Free Report) from a strong-buy rating to a buy rating in a research report released on Sunday.

Separately, Bank of America increased their price target on shares of Qifu Technology from $50.66 to $52.70 and gave the stock a "buy" rating in a report on Wednesday, March 26th.

Qifu Technology Stock Performance

Shares of QFIN stock traded up $1.72 during mid-day trading on Friday, hitting $42.43. 1,309,198 shares of the stock were exchanged, compared to its average volume of 1,580,428. The stock has a market capitalization of $6.69 billion, a price-to-earnings ratio of 8.59, a P/E/G ratio of 0.32 and a beta of 0.53. Qifu Technology has a 12-month low of $18.13 and a 12-month high of $48.94. The stock's fifty day simple moving average is $40.94 and its two-hundred day simple moving average is $40.20.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last issued its quarterly earnings results on Monday, May 19th. The company reported $1.74 earnings per share for the quarter, topping analysts' consensus estimates of $1.72 by $0.02. The firm had revenue of $646.19 million during the quarter, compared to analysts' expectations of $4.61 billion. Qifu Technology had a net margin of 31.82% and a return on equity of 24.39%. On average, research analysts expect that Qifu Technology will post 5.71 earnings per share for the current fiscal year.

Qifu Technology Increases Dividend

The company also recently announced a semi-annual dividend, which was paid on Monday, June 2nd. Shareholders of record on Wednesday, April 23rd were issued a $0.70 dividend. This is a positive change from Qifu Technology's previous semi-annual dividend of $0.60. The ex-dividend date was Wednesday, April 23rd. This represents a yield of 2.5%. Qifu Technology's dividend payout ratio is 21.17%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of QFIN. Wrapmanager Inc. lifted its stake 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 buying an additional 296 shares in the last quarter. HB Wealth Management LLC raised its holdings in shares of Qifu Technology by 7.2% in the first quarter. HB Wealth Management LLC now owns 6,431 shares of the company's stock worth $289,000 after acquiring an additional 431 shares during the last quarter. Global Retirement Partners LLC lifted its position in shares of Qifu Technology by 80.2% in the fourth quarter. Global Retirement Partners LLC now owns 1,164 shares of the company's stock valued at $45,000 after acquiring an additional 518 shares in the last quarter. SVB Wealth LLC purchased a new position in shares of Qifu Technology during the first quarter valued at approximately $28,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Qifu Technology during the 1st quarter worth $29,000. 74.81% of the stock is owned by hedge funds and other institutional investors.

About Qifu Technology

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.