Qifu Technology (NASDAQ:QFIN) Trading 4.5% Higher After Analyst Upgrade

Shares of Qifu Technology, Inc. (NASDAQ:QFIN) rose 4.5% during trading on Thursday 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. Qifu Technology traded as high as $48.37 and last traded at $48.47. Approximately 815,678 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 1,363,125 shares. The stock had previously closed at $46.37.

Institutional Investors Weigh In On Qifu Technology

A number of large investors have recently modified their holdings of QFIN. Natixis Advisors LLC purchased a new stake in Qifu Technology in the third quarter worth about $654,000. Charles Schwab Investment Management Inc. raised its position in shares of 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. Daiwa Securities Group Inc. lifted its stake in shares of Qifu Technology by 18.6% in the 3rd 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 during the period. BNP Paribas Financial Markets boosted its position in shares of Qifu Technology by 53.3% during the third quarter. BNP Paribas Financial Markets now owns 370,467 shares of the company’s stock valued at $11,044,000 after purchasing an additional 128,789 shares in the last quarter. Finally, Bridgewater Associates LP grew its stake in Qifu Technology by 2.2% in the third quarter. Bridgewater Associates LP now owns 132,898 shares of the company’s stock worth $3,962,000 after purchasing an additional 2,881 shares during the period. Institutional investors own 74.81% of the company’s stock.

Qifu Technology Stock Up 3.8 %

The firm 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. The business has a fifty day simple moving average of $42.11 and a 200-day simple moving average of $36.55.

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

Qifu Technology Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Monday, June 2nd. Stockholders of record on Wednesday, April 23rd will be given a $0.70 dividend. This is a boost from Qifu Technology’s previous semi-annual dividend of $0.60. This represents a dividend yield of 2.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. Qifu Technology’s payout ratio is currently 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.