Qifu Technology (NASDAQ:QFIN) Stock Price Expected to Rise, Bank of America Analyst Says

Qifu Technology (NASDAQ:QFIN) had its target price hoisted by equities researchers at Bank of America from $50.66 to $52.70 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price objective would suggest a potential upside of 9.52% from the stock’s previous close.

Qifu Technology Stock Up 3.8 %

Shares of QFIN stock opened at $48.12 on Wednesday. The business has a fifty day simple moving average of $42.11 and a 200-day simple moving average of $36.55. The stock has a market cap of $7.58 billion, a P/E ratio of 9.74, a P/E/G ratio of 0.32 and a beta of 0.59. Qifu Technology has a fifty-two week low of $17.76 and a fifty-two week high of $48.94.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. GeoWealth Management LLC acquired a new position in shares of Qifu Technology in the 4th quarter valued at approximately $26,000. Jones Financial Companies Lllp bought a new stake in shares of Qifu Technology in the fourth quarter worth $29,000. Wilmington Savings Fund Society FSB acquired a new stake in Qifu Technology in the third quarter valued at $30,000. Advisors Preferred LLC bought a new position in Qifu Technology during the 4th quarter valued at $41,000. Finally, Global Retirement Partners LLC grew its holdings in Qifu Technology by 80.2% during the 4th quarter. Global Retirement Partners LLC now owns 1,164 shares of the company’s stock worth $45,000 after acquiring an additional 518 shares in the last quarter. 74.81% of the stock is owned by hedge funds and other institutional investors.

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.