Bank of America Boosts Qifu Technology (NASDAQ:QFIN) Price Target to $52.70

Qifu Technology (NASDAQ:QFIN) had its price target lifted by equities researchers at Bank of America from $50.66 to $52.70 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price target suggests a potential upside of 10.72% from the stock’s current price.

Qifu Technology Stock Up 7.6 %

QFIN stock traded up $3.37 during trading hours on Wednesday, hitting $47.60. The company’s stock had a trading volume of 2,744,638 shares, compared to its average volume of 1,333,770. The stock has a 50 day moving average price of $41.69 and a two-hundred day moving average price of $36.40. The company has a market capitalization of $7.50 billion, a PE ratio of 9.63, a price-to-earnings-growth ratio of 0.32 and a beta of 0.59. Qifu Technology has a 12 month low of $17.76 and a 12 month high of $48.81.

Qifu Technology (NASDAQ:QFIN) last released its earnings results on Sunday, March 16th. The company reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.14. The business had revenue of $613.89 million during the quarter, compared to analysts’ expectations of $581.67 million. Qifu Technology had a net margin of 31.82% and a return on equity of 24.39%. Sell-side analysts expect that Qifu Technology will post 5.71 earnings per share for the current year.

Hedge Funds Weigh In On Qifu Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in QFIN. Natixis Advisors LLC acquired a new position in shares of Qifu Technology during the third quarter worth approximately $654,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Qifu Technology by 5.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 136,368 shares of the company’s stock valued at $4,065,000 after purchasing an additional 7,196 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in Qifu Technology by 18.6% during the 3rd quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock worth $361,000 after acquiring an additional 1,900 shares during the period. BNP Paribas Financial Markets lifted its stake in Qifu Technology by 53.3% in the third quarter. BNP Paribas Financial Markets now owns 370,467 shares of the company’s stock valued at $11,044,000 after buying an additional 128,789 shares during the period. Finally, Bridgewater Associates LP grew its position in shares of Qifu Technology by 2.2% during the 3rd quarter. Bridgewater Associates LP now owns 132,898 shares of the company’s stock worth $3,962,000 after buying an additional 2,881 shares during the period. 74.81% of the stock is currently owned by institutional investors and hedge funds.

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.