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

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

Several other research firms have also recently weighed in on QFIN. Bank of America lifted their target price 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. began coverage on Qifu Technology in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $65.00 price target for the company.

Qifu Technology Trading Down 3.5%

NASDAQ QFIN traded down $1.48 on Friday, hitting $40.50. 3,966,733 shares of the company were exchanged, compared to its average volume of 1,598,069. The company's 50 day moving average price is $42.98 and its 200-day moving average price is $41.59. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.08 and a quick ratio of 3.08. The firm has a market capitalization of $6.38 billion, a P/E ratio of 6.21, a price-to-earnings-growth ratio of 0.52 and a beta of 0.48. Qifu Technology has a twelve month low of $18.13 and a twelve month high of $48.94.

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

Institutional Investors Weigh In On Qifu Technology

A number of large investors have recently added to or reduced their stakes in the stock. SVB Wealth LLC acquired a new position in shares of Qifu Technology during the first quarter worth approximately $28,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Qifu Technology in the first quarter valued at $29,000. GeoWealth Management LLC acquired a new position in shares of Qifu Technology in the fourth quarter valued at $26,000. Hoey Investments Inc. acquired a new position in shares of Qifu Technology in the second quarter valued at $33,000. Finally, Virtus Investment Advisers Inc. acquired a new position in shares of Qifu Technology in the fourth quarter valued at $61,000. Institutional investors 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.