Qifu Technology (NASDAQ:QFIN) Stock Price Up 4.5% After Analyst Upgrade

Qifu Technology, Inc. (NASDAQ:QFIN) rose 4.5% 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 trading, a decline of 40% from the average daily volume of 1,363,125 shares. The stock had previously closed at $46.37.

Institutional Inflows and Outflows

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

Qifu Technology Stock Down 5.6 %

The company has a market cap of $7.16 billion, a P/E ratio of 9.20, a PEG ratio of 0.32 and a beta of 0.59. The firm has a fifty day moving average price of $42.25 and a 200 day moving average price of $36.69.

Qifu Technology (NASDAQ:QFIN) last issued its quarterly earnings data on Sunday, March 16th. The company reported $1.82 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.14. Qifu Technology had a net margin of 31.82% and a return on equity of 24.39%. The firm 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, Inc. will post 5.71 earnings per share for the current year.

Qifu Technology Increases Dividend

The company also recently announced a semi-annual dividend, which will be paid on Monday, June 2nd. Stockholders of record on Wednesday, April 23rd will be paid 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 is Wednesday, April 23rd. Qifu Technology’s dividend payout ratio (DPR) is 23.79%.

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.