Qfin (NASDAQ:QFIN) Hits New 52-Week Low on Insider Selling

Qfin Holdings Inc. – Sponsored ADR (NASDAQ:QFIN) reached a new 52-week low during trading on Monday after an insider sold shares in the company. The stock traded as low as $7.28 and last traded at $7.28, with a volume of 1856 shares traded. The stock had previously closed at $7.30.

Specifically, Director Andrew Yan sold 326,700 shares of the stock in a transaction on Friday, September 25th. The shares were sold at an average price of $7.36, for a total value of $2,404,512.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrew Yan sold 330,000 shares of the firm’s stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $7.52, for a total transaction of $2,481,600.00. Following the completion of the sale, the director owned 326,700 shares in the company, valued at $2,456,784. This represents a 50.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing.

Analysts Set New Price Targets

QFIN has been the subject of a number of research analyst reports. Morgan Stanley lowered shares of Qfin from an “overweight” rating to an “equal weight” rating and set a $13.00 price objective for the company. in a research report on Wednesday, August 26th. JPMorgan Chase & Co. downgraded Qfin from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $13.50 to $9.00 in a research report on Wednesday, August 26th. Citigroup lowered Qfin from a “buy” rating to a “sell” rating and set a $8.00 price target on the stock. in a research note on Wednesday, August 26th. Weiss Ratings lowered Qfin from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, July 13th. Finally, Deutsche Bank Aktiengesellschaft set a $13.00 price target on Qfin in a report on Wednesday, August 12th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $12.29.

Qfin Stock Down 3.4%

The company has a quick ratio of 2.17, a current ratio of 2.17 and a debt-to-equity ratio of 0.03. The business has a fifty day simple moving average of $10.66 and a two-hundred day simple moving average of $12.77. The company has a market capitalization of $858.34 million, a price-to-earnings ratio of 1.69 and a beta of 0.57.

Qfin (NASDAQ:QFIN) last issued its earnings results on Friday, August 14th. The company reported $0.55 earnings per share (EPS) for the quarter. The business had revenue of $524.96 million during the quarter. Qfin had a return on equity of 15.23% and a net margin of 22.23%. Equities analysts expect that Qfin Holdings Inc. – Sponsored ADR will post 2.42 EPS for the current year.

Qfin Cuts Dividend

The business also recently declared a dividend, which will be paid on Thursday, October 1st. Shareholders of record on Wednesday, September 9th will be given a $0.46 dividend. This represents a yield of 1,070.0%. This is a negative change from Qfin’s previous dividend of $0.78. The ex-dividend date is Wednesday, September 9th. Qfin’s dividend payout ratio (DPR) is currently 21.63%.

Institutional Trading of Qfin

A number of large investors have recently bought and sold shares of the stock. FountainVest China Capital Partners GP3 Ltd. acquired a new position in shares of Qfin in the 2nd quarter worth approximately $95,483,341. Triata Capital Ltd increased its holdings in Qfin by 188.3% during the 4th quarter. Triata Capital Ltd now owns 3,125,331 shares of the company’s stock valued at $60,225,000 after purchasing an additional 2,041,351 shares in the last quarter. Norges Bank acquired a new stake in Qfin during the 4th quarter valued at $30,436,000. Bank of America Corp DE raised its position in Qfin by 48.5% in the 1st quarter. Bank of America Corp DE now owns 1,987,457 shares of the company’s stock valued at $25,658,000 after purchasing an additional 649,492 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in Qfin by 128.0% in the 2nd quarter. Wellington Management Group LLP now owns 1,034,463 shares of the company’s stock valued at $16,355,000 after purchasing an additional 580,772 shares during the last quarter. 74.81% of the stock is currently owned by institutional investors.

About Qfin

Qifu Technology, Inc (NASDAQ: QFIN), formerly known as 360 DigiTech, Inc, is a China-based financial technology company that operates a technology-enabled consumer credit services platform. The company uses data analytics, artificial intelligence and risk-management technologies to help connect consumers seeking credit with financial institutions and other lending partners.

Qifu provides services across the consumer lending process, including customer acquisition, credit assessment, loan facilitation, risk management and post-origination support.