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

Qifu Technology, Inc. (NASDAQ:QFIN)’s stock price traded up 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. 815,678 shares traded hands during trading, a decline of 40% from the average session volume of 1,363,125 shares. The stock had previously closed at $46.37.

Institutional Investors Weigh In On Qifu Technology

Several large investors have recently bought and sold shares of QFIN. Alliancebernstein L.P. purchased a new position in shares of Qifu Technology during the fourth quarter valued at approximately $92,150,000. Norges Bank purchased a new stake in Qifu Technology during the 4th quarter valued at $46,579,000. Candriam S.C.A. bought a new position in Qifu Technology in the fourth quarter valued at about $27,185,000. Aspex Management HK Ltd lifted its stake in shares of Qifu Technology by 11.3% in the 4th quarter. Aspex Management HK Ltd now owns 6,371,808 shares of the company’s stock worth $244,550,000 after purchasing an additional 648,088 shares during the period. Finally, Marshall Wace LLP boosted its stake in shares of Qifu Technology by 67.5% during the 4th quarter. Marshall Wace LLP now owns 1,351,277 shares of the company’s stock worth $51,862,000 after acquiring an additional 544,666 shares during the last quarter. 74.81% of the stock is currently owned by institutional investors.

Qifu Technology Stock Performance

The stock has a market cap 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’s 50-day moving average price is $42.11 and its 200-day moving average price is $36.55.

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

Qifu Technology Increases Dividend

The business also recently disclosed 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. The ex-dividend date is Wednesday, April 23rd. This is an increase from Qifu Technology’s previous semi-annual dividend of $0.60. This represents a dividend yield of 2.5%. Qifu Technology’s payout ratio 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.