Qifu Technology (NASDAQ:QFIN) Sees Strong Trading Volume

Qifu Technology, Inc. (NASDAQ:QFIN) shares saw an uptick in trading volume on Friday . 2,059,406 shares traded hands during trading, an increase of 65% from the previous session’s volume of 1,251,877 shares.The stock last traded at $29.04 and had previously closed at $28.46.

Qifu Technology Price Performance

The firm has a market cap of $4.70 billion, a price-to-earnings ratio of 7.52, a P/E/G ratio of 0.44 and a beta of 0.61. The firm’s 50 day moving average price is $23.35 and its two-hundred day moving average price is $20.80.

Qifu Technology (NASDAQ:QFIN) last announced its earnings results on Tuesday, August 13th. The company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.23. The business had revenue of $572.44 million during the quarter, compared to the consensus estimate of $582.69 million. Qifu Technology had a net margin of 28.06% and a return on equity of 21.82%. On average, analysts anticipate that Qifu Technology, Inc. will post 4.94 earnings per share for the current year.

Qifu Technology Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, September 27th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Friday, September 27th. This is a boost from Qifu Technology’s previous semi-annual dividend of $0.57. This represents a yield of 4.7%. Qifu Technology’s dividend payout ratio (DPR) is 29.53%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Creative Planning increased its holdings in Qifu Technology by 36.1% in the second quarter. Creative Planning now owns 27,031 shares of the company’s stock valued at $533,000 after buying an additional 7,163 shares in the last quarter. SIH Partners LLLP purchased a new position in shares of Qifu Technology during the 2nd quarter worth approximately $304,000. Dorsey Wright & Associates purchased a new position in shares of Qifu Technology during the 2nd quarter worth approximately $2,293,000. The Manufacturers Life Insurance Company increased its stake in shares of Qifu Technology by 0.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 421,578 shares of the company’s stock worth $8,318,000 after purchasing an additional 2,844 shares in the last quarter. Finally, Millennium Management LLC increased its stake in shares of Qifu Technology by 35.5% during the 2nd quarter. Millennium Management LLC now owns 1,198,882 shares of the company’s stock worth $23,654,000 after purchasing an additional 314,323 shares in the last quarter. 74.81% of the stock is owned by hedge funds and other institutional investors.

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.