Qifu Technology (NASDAQ:QFIN) Shares Gap Down - Here's Why

Qifu Technology, Inc. (NASDAQ:QFIN - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $40.93, but opened at $40.04. Qifu Technology shares last traded at $40.33, with a volume of 114,601 shares traded.

Analyst Upgrades and Downgrades

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

Qifu Technology Stock Up 1.5 %

The stock's 50 day simple moving average is $40.90 and its two-hundred day simple moving average is $38.43. The company has a market cap of $6.56 billion, a PE ratio of 8.41, a P/E/G ratio of 0.32 and a beta of 0.53.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last released its quarterly earnings results on Sunday, March 16th. The company reported $1.82 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $581.67 million. Analysts forecast that Qifu Technology, Inc. will post 5.71 EPS for the current year.

Qifu Technology Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Monday, June 2nd. Investors of record on Wednesday, April 23rd will be issued a $0.70 dividend. This is an increase from Qifu Technology's previous semi-annual dividend of $0.60. The ex-dividend date is Wednesday, April 23rd. This represents a dividend yield of 2.5%. Qifu Technology's dividend payout ratio (DPR) is 23.79%.

Hedge Funds Weigh In On Qifu Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wrapmanager Inc. increased its stake in shares of Qifu Technology by 4.1% during the fourth 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 period. Global Retirement Partners LLC increased its stake in Qifu Technology by 80.2% in the 4th quarter. Global Retirement Partners LLC now owns 1,164 shares of the company's stock worth $45,000 after purchasing an additional 518 shares in the last quarter. DGS Capital Management LLC increased its position in shares of Qifu Technology by 5.9% in the fourth quarter. DGS Capital Management LLC now owns 11,413 shares of the company's stock worth $438,000 after acquiring an additional 631 shares in the last quarter. GeoWealth Management LLC purchased a new stake in shares of Qifu Technology in the 4th quarter valued at approximately $26,000. Finally, Jones Financial Companies Lllp purchased a new position in Qifu Technology during the 4th quarter worth approximately $29,000. 74.81% of the stock is currently owned by institutional investors and hedge funds.

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.