Qifu Technology (NASDAQ:QFIN) Sees Large Volume Increase on Analyst Upgrade

Qifu Technology, Inc. (NASDAQ:QFIN) saw unusually-strong trading volume on Wednesday after Bank of America raised their price target on the stock from $50.66 to $52.70. Bank of America currently has a buy rating on the stock. Approximately 2,072,167 shares traded hands during trading, an increase of 56% from the previous session’s volume of 1,331,717 shares.The stock last traded at $46.05 and had previously closed at $44.23.

Institutional Investors Weigh In On Qifu Technology

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Natixis Advisors LLC bought a new position in shares of Qifu Technology in the third quarter worth about $654,000. Charles Schwab Investment Management Inc. increased its holdings in Qifu Technology by 5.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 136,368 shares of the company’s stock worth $4,065,000 after acquiring an additional 7,196 shares in the last quarter. Swedbank AB lifted its holdings in Qifu Technology by 156.0% during the third quarter. Swedbank AB now owns 754,300 shares of the company’s stock valued at $22,486,000 after purchasing an additional 459,700 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in Qifu Technology by 18.6% during the third quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock valued at $361,000 after purchasing an additional 1,900 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of Qifu Technology by 53.3% in the third quarter. BNP Paribas Financial Markets now owns 370,467 shares of the company’s stock worth $11,044,000 after purchasing an additional 128,789 shares during the period. 74.81% of the stock is currently owned by hedge funds and other institutional investors.

Qifu Technology Stock Up 7.3 %

The stock’s 50 day moving average price is $41.69 and its 200-day moving average price is $36.40. The stock has a market capitalization of $7.48 billion, a PE ratio of 9.60, a PEG ratio of 0.32 and a beta of 0.59.

Qifu Technology (NASDAQ:QFIN) last posted its quarterly earnings results on Sunday, March 16th. The company reported $1.82 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.14. The business had revenue of $613.89 million for the quarter, compared to analysts’ expectations of $581.67 million. Qifu Technology had a return on equity of 24.39% and a net margin of 31.82%. On average, analysts forecast that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Qifu Technology Increases Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Monday, June 2nd. Shareholders of record on Wednesday, April 23rd will be paid a $0.70 dividend. This represents a yield of 2.5%. This is an increase from Qifu Technology’s previous semi-annual dividend of $0.60. The ex-dividend date is Wednesday, April 23rd. Qifu Technology’s dividend payout ratio is presently 23.79%.

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.