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

Qifu Technology, Inc. (NASDAQ:QFIN)’s stock price shot up 4.5% during trading 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 changed 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 Trading of Qifu Technology

Several institutional investors and hedge funds have recently made changes to their positions in QFIN. GeoWealth Management LLC bought a new position in shares of Qifu Technology in the 4th quarter worth $26,000. Jones Financial Companies Lllp bought a new position in Qifu Technology during the fourth quarter worth about $29,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Qifu Technology during the 3rd quarter worth about $30,000. Advisors Preferred LLC bought a new stake in shares of Qifu Technology in the 4th quarter valued at about $41,000. Finally, Global Retirement Partners LLC raised its position in shares of Qifu Technology by 80.2% in the 4th quarter. Global Retirement Partners LLC now owns 1,164 shares of the company’s stock valued at $45,000 after acquiring an additional 518 shares during the period. Institutional investors own 74.81% of the company’s stock.

Qifu Technology Stock Performance

The business’s 50-day moving average is $42.25 and its two-hundred day moving average is $36.69. The firm has a market capitalization of $7.16 billion, a price-to-earnings ratio of 9.20, a P/E/G ratio of 0.32 and a beta of 0.59.

Qifu Technology (NASDAQ:QFIN) last announced 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 for the quarter, compared to analysts’ expectations of $581.67 million. Analysts forecast that Qifu Technology, Inc. will post 5.71 EPS for the current year.

Qifu Technology Increases Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Monday, June 2nd. Shareholders of record on Wednesday, April 23rd will be issued a $0.70 dividend. This is an increase from Qifu Technology’s previous semi-annual dividend of $0.60. This represents a dividend yield of 2.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. Qifu Technology’s dividend 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.