Qifu Technology, Inc. (NASDAQ:QFIN) Sees Large Drop in Short Interest

Qifu Technology, Inc. (NASDAQ:QFIN) was the target of a significant decrease in short interest during the month of December. As of December 15th, there was short interest totalling 2,410,000 shares, a decrease of 17.7% from the November 30th total of 2,930,000 shares. Based on an average trading volume of 1,690,000 shares, the days-to-cover ratio is currently 1.4 days.

Qifu Technology Stock Performance

QFIN traded down $0.46 during midday trading on Monday, hitting $37.72. The stock had a trading volume of 1,075,354 shares, compared to its average volume of 1,321,251. Qifu Technology has a 1 year low of $13.71 and a 1 year high of $40.31. The business has a fifty day moving average of $35.27 and a 200 day moving average of $27.87. The company has a market cap of $6.09 billion, a P/E ratio of 7.64, a price-to-earnings-growth ratio of 0.33 and a beta of 0.64.

Institutional Investors Weigh In On Qifu Technology

A number of institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC purchased a new position in Qifu Technology in the 2nd quarter worth $25,560,000. Acadian Asset Management LLC increased its holdings in shares of Qifu Technology by 1,789.1% in the second quarter. Acadian Asset Management LLC now owns 1,240,489 shares of the company’s stock worth $24,450,000 after buying an additional 1,174,824 shares during the period. Prudential PLC lifted its stake in shares of Qifu Technology by 634.1% in the 2nd quarter. Prudential PLC now owns 956,998 shares of the company’s stock valued at $18,882,000 after acquiring an additional 826,631 shares during the last quarter. Marshall Wace LLP boosted its holdings in Qifu Technology by 557.5% during the 2nd quarter. Marshall Wace LLP now owns 776,457 shares of the company’s stock valued at $15,319,000 after acquiring an additional 658,366 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in Qifu Technology by 66.9% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,369,278 shares of the company’s stock valued at $40,818,000 after acquiring an additional 548,678 shares during the period. Hedge funds and other institutional investors own 74.81% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Citigroup lifted their price target on Qifu Technology from $31.44 to $37.50 and gave the stock a “buy” rating in a research note on Thursday, November 21st.

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.