Qifu Technology (NASDAQ:QFIN) Trading 4.5% Higher on Analyst Upgrade

Qifu Technology, Inc. (NASDAQ:QFIN) traded 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 traded hands during mid-day trading, a decline of 40% from the average session volume of 1,363,125 shares. The stock had previously closed at $46.37.

Institutional Investors Weigh In On Qifu Technology

Several institutional investors and hedge funds have recently bought and sold shares of QFIN. GeoWealth Management LLC bought a new stake in Qifu Technology in the fourth quarter valued at $26,000. Jones Financial Companies Lllp bought a new stake in shares of Qifu Technology during the 4th quarter valued at about $29,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Qifu Technology during the third quarter valued at about $30,000. Advisors Preferred LLC purchased a new position in shares of Qifu Technology in the 4th quarter valued at approximately $41,000. Finally, Point72 DIFC Ltd purchased a new position in Qifu Technology during the third quarter valued at $43,000. Hedge funds and other institutional investors own 74.81% of the company’s stock.

Qifu Technology Trading Up 4.7 %

The stock’s fifty day moving average price is $41.89 and its 200 day moving average price is $36.47. The stock has a market cap of $7.65 billion, a P/E ratio of 9.81, a PEG ratio of 0.32 and a beta of 0.59.

Qifu Technology (NASDAQ:QFIN) last announced its quarterly earnings data 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 business had revenue of $613.89 million for the quarter, compared to analysts’ expectations of $581.67 million. As a group, sell-side analysts forecast that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Qifu Technology Increases Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Monday, June 2nd. Shareholders of record on Wednesday, April 23rd will be paid a dividend of $0.70 per share. This is a boost from Qifu Technology’s previous semi-annual dividend of $0.60. The ex-dividend date is Wednesday, April 23rd. This represents a yield of 2.5%. Qifu Technology’s payout ratio is presently 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.