Qifu Technology (NASDAQ:QFIN) Stock Rating Lowered by Wall Street Zen

Qifu Technology (NASDAQ:QFIN - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued to clients and investors on Friday.

Several other equities analysts have also weighed in on the company. Bank of America lifted their price objective on Qifu Technology from $50.66 to $52.70 and gave the company a "buy" rating in a research note on Wednesday, March 26th. JPMorgan Chase & Co. started coverage on Qifu Technology in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $65.00 target price for the company.

Qifu Technology Price Performance

Qifu Technology stock traded up $0.28 during midday trading on Friday, reaching $42.28. The company's stock had a trading volume of 2,318,529 shares, compared to its average volume of 1,584,313. The firm has a market capitalization of $6.66 billion, a PE ratio of 6.48, a P/E/G ratio of 0.52 and a beta of 0.48. Qifu Technology has a fifty-two week low of $18.13 and a fifty-two week high of $48.94. The stock's 50 day simple moving average is $43.05 and its 200 day simple moving average is $41.55. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.08 and a current ratio of 3.08.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last announced its earnings results on Monday, May 19th. The company reported $1.74 EPS for the quarter, beating analysts' consensus estimates of $1.72 by $0.02. The firm had revenue of $646.19 million for the quarter, compared to analysts' expectations of $4.61 billion. Qifu Technology had a return on equity of 29.73% and a net margin of 38.99%. On average, equities research analysts forecast that Qifu Technology will post 5.71 earnings per share for the current year.

Institutional Trading of Qifu Technology

Several institutional investors have recently modified their holdings of QFIN. SVB Wealth LLC purchased a new position in Qifu Technology during the first quarter valued at approximately $28,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Qifu Technology in the 1st quarter valued at approximately $29,000. GeoWealth Management LLC acquired a new position in shares of Qifu Technology during the 4th quarter worth $26,000. Hoey Investments Inc. bought a new position in Qifu Technology during the second quarter valued at about $33,000. Finally, Virtus Investment Advisers Inc. acquired a new stake in Qifu Technology in the 4th quarter worth approximately $61,000. Institutional investors and hedge funds own 74.81% of the company's stock.

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.