Qifu Technology (NASDAQ:QFIN) Sees Large Volume Increase on Analyst Upgrade

Qifu Technology, Inc. (NASDAQ:QFIN) shares saw an uptick in trading volume on Wednesday 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. 2,072,167 shares traded hands during mid-day trading, an increase of 56% from the previous session’s volume of 1,331,717 shares.The stock last traded at $46.05 and had previously closed at $44.23.

Hedge Funds Weigh In On Qifu Technology

Large investors have recently modified their holdings of the business. GeoWealth Management LLC acquired a new position in Qifu Technology during the 4th quarter worth about $26,000. Jones Financial Companies Lllp acquired a new stake in shares of Qifu Technology during the fourth quarter worth $29,000. Wilmington Savings Fund Society FSB bought a new position in Qifu Technology during the third quarter worth $30,000. Advisors Preferred LLC bought a new position in Qifu Technology during the fourth quarter worth $41,000. Finally, Global Retirement Partners LLC lifted its holdings in Qifu Technology by 80.2% in the fourth quarter. Global Retirement Partners LLC now owns 1,164 shares of the company’s stock valued at $45,000 after buying an additional 518 shares during the period. Institutional investors own 74.81% of the company’s stock.

Qifu Technology Stock Up 3.8 %

The stock’s 50-day simple moving average is $42.11 and its 200 day simple moving average is $36.55. The firm has a market cap of $7.58 billion, a P/E ratio of 9.74, a PEG ratio of 0.32 and a beta of 0.59.

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

Qifu Technology Increases Dividend

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