Qifu Technology (NASDAQ:QFIN) Stock Price Down 4.1% - Here's What Happened

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

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on QFIN shares. JPMorgan Chase & Co. assumed coverage on Qifu Technology in a report on Wednesday. They set an "overweight" rating and a $65.00 target price on the stock. Wall Street Zen raised shares of Qifu Technology from a "buy" rating to a "strong-buy" rating in a research report on Saturday, June 21st. Finally, Bank of America lifted their price objective on shares of Qifu Technology from $50.66 to $52.70 and gave the company a "buy" rating in a research note on Wednesday, March 26th.

Qifu Technology Trading Up 1.7%

The business's 50-day simple moving average is $42.85 and its two-hundred day simple moving average is $41.18. The company has a current ratio of 3.08, a quick ratio of 3.08 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $6.85 billion, a PE ratio of 6.66, a PEG ratio of 0.53 and a beta of 0.48.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last released its quarterly earnings results on Monday, May 19th. The company reported $1.74 EPS for the quarter, topping 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 business had revenue of $646.19 million for the quarter, compared to analysts' expectations of $4.61 billion. On average, analysts predict that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Hedge Funds Weigh In On Qifu Technology

A number of institutional investors have recently made changes to their positions in the business. HB Wealth Management LLC lifted its holdings in Qifu Technology by 7.2% during the 1st quarter. HB Wealth Management LLC now owns 6,431 shares of the company's stock worth $289,000 after buying an additional 431 shares during the last quarter. SVB Wealth LLC acquired a new stake in shares of Qifu Technology during the 1st quarter valued at approximately $28,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Qifu Technology during the 1st quarter valued at approximately $29,000. GeoWealth Management LLC bought a new position in Qifu Technology during the fourth quarter worth $26,000. Finally, Jones Financial Companies Lllp acquired a new position in Qifu Technology in the fourth quarter worth $29,000. 74.81% of the stock is 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.