Renaissance Technologies LLC Purchases New Stake in Qfin Holdings Inc. – Sponsored ADR $QFIN

Renaissance Technologies LLC acquired a new position in shares of Qfin Holdings Inc. – Sponsored ADR (NASDAQ:QFIN) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 389,743 shares of the company’s stock, valued at approximately $5,032,000.

Other large investors have also recently bought and sold shares of the company. Royal Bank of Canada increased its holdings in Qfin by 51.7% in the 1st quarter. Royal Bank of Canada now owns 6,508 shares of the company’s stock valued at $293,000 after buying an additional 2,219 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Qfin during the 1st quarter worth approximately $29,000. Goldman Sachs Group Inc. lifted its holdings in shares of Qfin by 32.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,603,830 shares of the company’s stock worth $72,028,000 after acquiring an additional 395,589 shares during the period. California State Teachers Retirement System lifted its holdings in shares of Qfin by 333.8% during the 2nd quarter. California State Teachers Retirement System now owns 34,810 shares of the company’s stock worth $1,509,000 after acquiring an additional 26,786 shares during the period. Finally, Barclays PLC boosted its position in shares of Qfin by 89.2% during the 3rd quarter. Barclays PLC now owns 466,449 shares of the company’s stock worth $13,424,000 after acquiring an additional 219,929 shares in the last quarter. 74.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on QFIN. Weiss Ratings cut shares of Qfin from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, July 13th. Zacks Research raised Qfin from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Finally, Bank of America reaffirmed a “neutral” rating and issued a $15.33 target price on shares of Qfin in a report on Wednesday, May 27th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Qfin has an average rating of “Hold” and an average price target of $19.91.

Insider Transactions at Qfin

In other news, Director Xiaohuan Chen bought 4,000 shares of the company’s stock in a transaction on Tuesday, June 9th. The stock was purchased at an average cost of $14.41 per share, for a total transaction of $57,640.00. Following the completion of the transaction, the director owned 19,000 shares of the company’s stock, valued at $273,790. This trade represents a 26.67% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 17.10% of the stock is currently owned by insiders.

Qfin Trading Down 0.9%

Shares of Qfin stock opened at $13.02 on Friday. The firm’s 50 day moving average is $14.47 and its 200 day moving average is $14.29. The firm has a market capitalization of $1.59 billion, a PE ratio of 2.38 and a beta of 0.63. Qfin Holdings Inc. – Sponsored ADR has a 1 year low of $11.31 and a 1 year high of $34.95. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.03.

Qfin (NASDAQ:QFIN) last issued its earnings results on Friday, May 15th. The company reported $1.12 earnings per share for the quarter. The firm had revenue of $567.01 million for the quarter. Qfin had a net margin of 27.48% and a return on equity of 20.85%. Equities research analysts forecast that Qfin Holdings Inc. – Sponsored ADR will post 3.85 earnings per share for the current fiscal year.

About Qfin

360 DigiTech, Inc (NASDAQ: QFIN) is a China‐based fintech company that specializes in providing digital lending solutions to underserved consumer and small business markets. Leveraging proprietary credit assessment technologies and big data analytics, the company connects borrowers with a network of financial institutions and investors through its online platform. Its services encompass unsecured consumer loans, installment credit products, and working capital financing for micro and small enterprises.

The company’s flagship platform offers an end‐to‐end digital lending experience, from application and credit evaluation to disbursement and repayment.