Qifu Technology (NASDAQ:QFIN) Sees Unusually-High Trading Volume Following Analyst Upgrade

Qifu Technology, Inc. (NASDAQ:QFIN) shares saw unusually-strong 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. Approximately 2,072,167 shares were traded during 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.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Natixis Advisors LLC acquired a new position in shares of Qifu Technology during the 3rd quarter worth approximately $654,000. Charles Schwab Investment Management Inc. grew its position in Qifu Technology by 5.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 136,368 shares of the company’s stock worth $4,065,000 after buying an additional 7,196 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in Qifu Technology by 18.6% during the 3rd quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock worth $361,000 after acquiring an additional 1,900 shares during the period. BNP Paribas Financial Markets increased its stake in Qifu Technology by 53.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 370,467 shares of the company’s stock worth $11,044,000 after acquiring an additional 128,789 shares during the period. Finally, Bridgewater Associates LP raised its holdings in Qifu Technology by 2.2% in the 3rd quarter. Bridgewater Associates LP now owns 132,898 shares of the company’s stock valued at $3,962,000 after acquiring an additional 2,881 shares in the last quarter. Institutional investors own 74.81% of the company’s stock.

Qifu Technology Trading Up 3.8 %

The stock has a market capitalization of $7.58 billion, a P/E ratio of 9.74, a P/E/G ratio of 0.32 and a beta of 0.59. The business has a 50-day moving average price of $42.11 and a two-hundred day moving average price of $36.55.

Qifu Technology (NASDAQ:QFIN) last issued its quarterly earnings results on Sunday, March 16th. The company reported $1.82 earnings per share 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 company had revenue of $613.89 million during the quarter, compared to the consensus estimate of $581.67 million. On average, sell-side analysts forecast that Qifu Technology, Inc. will post 5.71 earnings per share for the current fiscal year.

Qifu Technology Increases Dividend

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