Qifu Technology, Inc. (NASDAQ:QFIN) Stock Position Lowered by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its position in shares of Qifu Technology, Inc. (NASDAQ:QFIN) by 96.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 43,900 shares of the company’s stock after selling 1,061,706 shares during the period. Principal Financial Group Inc.’s holdings in Qifu Technology were worth $1,309,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in QFIN. AQR Capital Management LLC acquired a new stake in shares of Qifu Technology in the second quarter worth $25,560,000. Hsbc Holdings PLC grew its stake in Qifu Technology by 9.8% during the 2nd quarter. Hsbc Holdings PLC now owns 424,904 shares of the company’s stock valued at $8,377,000 after acquiring an additional 37,948 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Qifu Technology by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 4,651,879 shares of the company’s stock valued at $85,734,000 after purchasing an additional 30,522 shares during the period. Dorsey Wright & Associates purchased a new stake in shares of Qifu Technology in the second quarter worth approximately $2,293,000. Finally, US Bancorp DE lifted its position in shares of Qifu Technology by 16.5% in the third quarter. US Bancorp DE now owns 5,410 shares of the company’s stock worth $161,000 after purchasing an additional 765 shares in the last quarter. 74.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Citigroup upped their price objective on shares of Qifu Technology from $31.44 to $37.50 and gave the company a “buy” rating in a research note on Thursday.

Qifu Technology Trading Down 1.9 %

QFIN opened at $34.53 on Friday. The stock has a fifty day moving average price of $31.43 and a 200 day moving average price of $24.75. Qifu Technology, Inc. has a 1 year low of $13.71 and a 1 year high of $35.44. The stock has a market cap of $5.57 billion, a price-to-earnings ratio of 6.99, a PEG ratio of 0.32 and a beta of 0.61.

About Qifu Technology

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.