360 DigiTech, Inc., through its subsidiaries, operates financial technology platform under the 360 Jietiao brand in the People's Republic of China. The company provides credit-driven services that matches borrowers with financial institution partners enabling financial institution partners to conduct customer acquisition, initial credit screening, advanced risk assessment, collection, 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. It also offers e-commerce loans, enterprise loans, and invoice loans to SME owners. The company serves consumers, and micro- and small-business owners. The company was formerly known as 360 Finance, Inc. and changed its name to 360 DigiTech, Inc. in September 2020. 360 DigiTech, Inc. was founded in 2016 and is headquartered in Shanghai, the People's Republic of China.
Wall Street Analysts Forecast Growth
QFIN has been the subject of several research reports. Citigroup decreased their price target on shares of 360 DigiTech from $26.78 to $25.39 and set a "buy" rating for the company in a report on Thursday, May 26th. Daiwa Capital Markets began coverage on shares of 360 DigiTech in a report on Monday, July 11th. They set a "buy" rating on the stock.
360 DigiTech Stock Performance
Shares of QFIN opened at $15.78 on Friday. 360 DigiTech has a 52-week low of $11.15 and a 52-week high of $28.49. The business's 50 day moving average price is $15.54 and its two-hundred day moving average price is $15.96. The firm has a market cap of $2.40 billion, a PE ratio of 2.89 and a beta of 0.34.
360 DigiTech (NASDAQ:QFIN - Get Rating) last posted its quarterly earnings results on Tuesday, May 24th. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.06. 360 DigiTech had a return on equity of 38.66% and a net margin of 32.31%. The company had revenue of $681.47 million during the quarter, compared to the consensus estimate of $633.38 million. During the same quarter in the prior year, the company earned $1.28 EPS. Research analysts predict that 360 DigiTech will post 4.22 EPS for the current fiscal year.
360 DigiTech Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 27th. Investors of record on Monday, June 20th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 5.58%. The ex-dividend date was Thursday, June 16th. 360 DigiTech's payout ratio is currently 16.12%.