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

Qifu Technology, Inc. (NASDAQ:QFIN - Get Free Report)'s stock price 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 trading hands.

Wall Street Analysts Forecast Growth

Separately, Bank of America raised their target price 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 6.6 %

The stock has a market cap of $6.78 billion, a PE ratio of 8.71, a PEG ratio of 0.32 and a beta of 0.53. The stock's fifty day moving average price is $40.96 and its 200 day moving average price is $38.56.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last issued its earnings results on Sunday, March 16th. The company reported $1.82 earnings per share for the quarter, topping analysts' consensus estimates of $1.68 by $0.14. Qifu Technology had a return on equity of 24.39% and a net margin of 31.82%. The business had revenue of $613.89 million during the quarter, compared to analyst estimates of $581.67 million. On average, equities research analysts expect that Qifu Technology, Inc. will post 5.71 earnings per share for the current fiscal year.

Qifu Technology Increases Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, April 23rd. This represents a dividend yield of 2.5%. This is a positive change from Qifu Technology's previous semi-annual dividend of $0.60. Qifu Technology's payout ratio is presently 23.79%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of QFIN. Krane Funds Advisors LLC raised its position in Qifu Technology by 24.4% in the first quarter. Krane Funds Advisors LLC now owns 7,032,927 shares of the company's stock worth $315,849,000 after acquiring an additional 1,381,624 shares during the period. Aspex Management HK Ltd lifted its position in shares of Qifu Technology by 11.3% during the 4th quarter. Aspex Management HK Ltd now owns 6,371,808 shares of the company's stock valued at $244,550,000 after buying an additional 648,088 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Qifu Technology by 11.9% in the fourth quarter. AQR Capital Management LLC now owns 2,432,131 shares of the company's stock worth $93,345,000 after purchasing an additional 258,586 shares in the last quarter. Alliancebernstein L.P. purchased a new position in shares of Qifu Technology in the fourth quarter valued at about $92,150,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Qifu Technology by 10,812.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,042,306 shares of the company's stock worth $91,720,000 after purchasing an additional 2,023,590 shares during the period. Institutional investors own 74.81% of the company's stock.

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.