Qifu Technology (NASDAQ:QFIN) Coverage Initiated at JPMorgan Chase & Co.

JPMorgan Chase & Co. began coverage on shares of Qifu Technology (NASDAQ:QFIN) in a research note published on Wednesday morning, Marketbeat.com reports. The brokerage issued an overweight rating and a $65.00 price target on the stock.

Other equities analysts have also issued research reports about the company. Wall Street Zen raised Qifu Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 21st. Bank of America upped their price target on Qifu Technology from $50.66 to $52.70 and gave the company a “buy” rating in a research note on Wednesday, March 26th.

Qifu Technology Trading Up 1.7%

Shares of QFIN opened at $43.45 on Wednesday. The company has a quick ratio of 3.08, a current ratio of 3.08 and a debt-to-equity ratio of 0.21. Qifu Technology has a 12-month low of $18.13 and a 12-month high of $48.94. The firm has a market capitalization of $6.85 billion, a PE ratio of 6.66, a price-to-earnings-growth ratio of 0.54 and a beta of 0.48. The stock’s fifty day simple moving average is $42.90 and its 200-day simple moving average is $41.20.

Qifu Technology (NASDAQ:QFIN) last issued its quarterly earnings results on Monday, May 19th. The company reported $1.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.02. Qifu Technology had a return on equity of 29.73% and a net margin of 38.99%. The business had revenue of $646.19 million for the quarter, compared to analyst estimates of $4.61 billion. As a group, research analysts predict that Qifu Technology will post 5.71 earnings per share for the current year.

Institutional Investors Weigh In On Qifu Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. HB Wealth Management LLC increased its holdings in Qifu Technology by 7.2% in the first quarter. HB Wealth Management LLC now owns 6,431 shares of the company’s stock valued at $289,000 after purchasing an additional 431 shares during the last quarter. SVB Wealth LLC bought a new stake in Qifu Technology in the first quarter valued at about $28,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Qifu Technology in the first quarter valued at about $29,000. GeoWealth Management LLC bought a new stake in Qifu Technology in the fourth quarter valued at about $26,000. Finally, Jones Financial Companies Lllp bought a new stake in Qifu Technology in the fourth quarter valued at about $29,000. 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.