Qifu Technology (NASDAQ:QFIN) Reaches New 12-Month High – Here’s What Happened

Qifu Technology, Inc. (NASDAQ:QFIN)’s share price hit a new 52-week high on Friday . The stock traded as high as $48.94 and last traded at $48.12, with a volume of 3911724 shares trading hands. The stock had previously closed at $46.37.

Wall Street Analysts Forecast Growth

Separately, Bank of America raised their target price on Qifu Technology from $50.66 to $52.70 and gave the company a “buy” rating in a research note on Wednesday.

Qifu Technology Stock Down 5.6 %

The firm has a market capitalization of $7.16 billion, a price-to-earnings ratio of 9.20, a price-to-earnings-growth ratio of 0.32 and a beta of 0.59. The firm’s 50 day moving average is $42.25 and its 200 day moving average is $36.78.

Qifu Technology (NASDAQ:QFIN) last posted its quarterly earnings results on Sunday, March 16th. The company reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.14. The company 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, sell-side analysts predict that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Qifu Technology Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Monday, June 2nd. Investors of record on Wednesday, April 23rd will be given a $0.70 dividend. This is a positive change from Qifu Technology’s previous semi-annual dividend of $0.60. The ex-dividend date is Wednesday, April 23rd. This represents a dividend yield of 2.5%. Qifu Technology’s dividend payout ratio (DPR) is 23.79%.

Institutional Trading of Qifu Technology

Several institutional investors and hedge funds have recently bought and sold shares of QFIN. GeoWealth Management LLC acquired a new position in shares of Qifu Technology in the fourth quarter worth about $26,000. Jones Financial Companies Lllp acquired a new position in Qifu Technology in the 4th quarter worth approximately $29,000. Wilmington Savings Fund Society FSB purchased a new position in Qifu Technology during the 3rd quarter worth approximately $30,000. Advisors Preferred LLC purchased a new position in Qifu Technology during the 4th quarter worth approximately $41,000. Finally, Point72 DIFC Ltd purchased a new stake in shares of Qifu Technology in the third quarter valued at $43,000. Institutional investors and hedge funds own 74.81% of the company’s stock.

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.