Qifu Technology (NASDAQ:QFIN) Trading 8.1% Higher – Here’s Why

Qifu Technology, Inc. (NASDAQ:QFIN) shares were up 8.1% during mid-day trading on Wednesday . The company traded as high as $42.48 and last traded at $42.89. Approximately 306,622 shares changed hands during trading, a decline of 74% from the average daily volume of 1,195,179 shares. The stock had previously closed at $39.68.

Analysts Set New Price Targets

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

Qifu Technology Price Performance

The company has a market capitalization of $6.55 billion, a P/E ratio of 8.42, a price-to-earnings-growth ratio of 0.32 and a beta of 0.59. The firm has a fifty day moving average price of $40.15 and a 200-day moving average price of $34.62.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QFIN. Wrapmanager Inc. lifted its stake in Qifu Technology by 4.1% in the fourth quarter. Wrapmanager Inc. now owns 7,554 shares of the company’s stock valued at $290,000 after purchasing an additional 296 shares during the last quarter. Global Retirement Partners LLC lifted its position in shares of Qifu Technology by 80.2% during the 4th quarter. Global Retirement Partners LLC now owns 1,164 shares of the company’s stock valued at $45,000 after buying an additional 518 shares during the last quarter. DGS Capital Management LLC grew its stake in shares of Qifu Technology by 5.9% during the 4th quarter. DGS Capital Management LLC now owns 11,413 shares of the company’s stock worth $438,000 after acquiring an additional 631 shares during the period. GeoWealth Management LLC purchased a new stake in Qifu Technology in the 4th quarter worth about $26,000. Finally, Jones Financial Companies Lllp purchased a new stake in Qifu Technology during the fourth quarter valued at about $29,000. 74.81% of the stock is currently owned by hedge funds and other institutional investors.

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.