Qifu Technology (NASDAQ:QFIN) Trading Down 4.1% - What's Next?

Qifu Technology, Inc. (NASDAQ:QFIN - Get Free Report)'s stock price traded down 4.1% during trading on Monday . The stock traded as low as $42.97 and last traded at $42.68. 362,793 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 1,571,295 shares. The stock had previously closed at $44.53.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. 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 report on Wednesday, March 26th. Wall Street Zen upgraded shares of Qifu Technology from a "buy" rating to a "strong-buy" rating in a research report on Saturday, June 21st.

Qifu Technology Price Performance

The company has a quick ratio of 3.08, a current ratio of 3.08 and a debt-to-equity ratio of 0.21. The company has a fifty day simple moving average of $42.47 and a two-hundred day simple moving average of $41.08. The company has a market cap of $6.80 billion, a price-to-earnings ratio of 6.62, a price-to-earnings-growth ratio of 0.55 and a beta of 0.49.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last issued its earnings results on Monday, May 19th. The company reported $1.74 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.02. The business had revenue of $646.19 million for the quarter, compared to analyst estimates 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 anticipate that Qifu Technology, Inc. will post 5.71 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Qifu Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Krane Funds Advisors LLC boosted its position in Qifu Technology by 24.4% in the 1st quarter. Krane Funds Advisors LLC now owns 7,032,927 shares of the company's stock valued at $315,849,000 after buying an additional 1,381,624 shares during the last quarter. Aspex Management HK Ltd boosted its stake 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 during the last quarter. Vanguard Group Inc. increased its stake in shares of Qifu Technology by 0.7% in the first quarter. Vanguard Group Inc. now owns 4,572,985 shares of the company's stock worth $205,373,000 after buying an additional 31,155 shares during the last quarter. Alliancebernstein L.P. raised its holdings in Qifu Technology by 20.8% in the first quarter. Alliancebernstein L.P. now owns 2,901,566 shares of the company's stock valued at $130,309,000 after acquiring an additional 500,573 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in Qifu Technology by 11.9% during the 4th quarter. AQR Capital Management LLC now owns 2,432,131 shares of the company's stock valued at $93,345,000 after acquiring an additional 258,586 shares during the last quarter. 74.81% of the stock is owned by institutional investors and hedge funds.

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.

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