Qifu Technology (NASDAQ:QFIN) Stock Price Down 3.4% – Here’s What Happened

Shares of Qifu Technology, Inc. (NASDAQ:QFIN) traded down 3.4% during trading on Friday . The stock traded as low as $33.63 and last traded at $34.00. 483,193 shares were traded during mid-day trading, a decline of 63% from the average session volume of 1,295,994 shares. The stock had previously closed at $35.21.

Wall Street Analyst Weigh In

Separately, Citigroup raised their price objective on shares of Qifu Technology from $31.44 to $37.50 and gave the stock a “buy” rating in a research note on Thursday.

Qifu Technology Stock Down 1.9 %

The stock has a fifty day moving average price of $31.43 and a two-hundred day moving average price of $24.75. The company has a market capitalization of $5.57 billion, a price-to-earnings ratio of 6.99, a PEG ratio of 0.32 and a beta of 0.61.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in QFIN. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Qifu Technology during the second quarter worth about $31,000. Blue Trust Inc. grew its stake in Qifu Technology by 598.4% in the 2nd quarter. Blue Trust Inc. now owns 1,732 shares of the company’s stock worth $32,000 after acquiring an additional 1,484 shares during the period. USA Financial Formulas purchased a new stake in Qifu Technology in the 3rd quarter worth approximately $41,000. Point72 DIFC Ltd acquired a new position in Qifu Technology in the 3rd quarter valued at $43,000. Finally, Venturi Wealth Management LLC purchased a new position in shares of Qifu Technology during the 3rd quarter worth $54,000. Institutional investors and hedge funds own 74.81% of the company’s stock.

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.