Bank of America Boosts Qifu Technology (NASDAQ:QFIN) Price Target to $52.70

Qifu Technology (NASDAQ:QFIN) had its target price lifted by investment analysts at Bank of America from $50.66 to $52.70 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price target would indicate a potential upside of 9.52% from the stock’s previous close.

Qifu Technology Stock Performance

NASDAQ QFIN opened at $48.12 on Wednesday. Qifu Technology has a one year low of $17.76 and a one year high of $48.94. The company has a 50-day simple moving average of $42.11 and a 200-day simple moving average of $36.55. The firm has a market capitalization of $7.58 billion, a PE ratio of 9.74, a price-to-earnings-growth ratio of 0.32 and a beta of 0.59.

Qifu Technology (NASDAQ:QFIN) last posted 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 analysts’ expectations of $581.67 million. Qifu Technology had a return on equity of 24.39% and a net margin of 31.82%. Equities analysts forecast that Qifu Technology will post 5.71 earnings per share for the current year.

Institutional Trading of Qifu Technology

Several hedge funds have recently added to or reduced their stakes in QFIN. GeoWealth Management LLC bought a new position in shares of Qifu Technology in the fourth quarter worth $26,000. Jones Financial Companies Lllp acquired a new stake in Qifu Technology in the fourth quarter worth about $29,000. Wilmington Savings Fund Society FSB acquired a new stake in Qifu Technology in the third quarter worth about $30,000. Advisors Preferred LLC bought a new position in Qifu Technology in the 4th quarter valued at about $41,000. Finally, Point72 DIFC Ltd acquired a new position in Qifu Technology during the 3rd quarter valued at about $43,000. Institutional investors 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.