Short Interest in Qifu Technology, Inc. (NASDAQ:QFIN) Declines By 24.1%

Qifu Technology, Inc. (NASDAQ:QFIN) saw a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 3,090,000 shares, a decline of 24.1% from the August 15th total of 4,070,000 shares. Based on an average trading volume of 1,380,000 shares, the days-to-cover ratio is currently 2.2 days.

Qifu Technology Price Performance

Shares of Qifu Technology stock traded up $0.17 on Friday, reaching $25.08. The company had a trading volume of 690,278 shares, compared to its average volume of 1,203,621. The firm’s 50-day moving average price is $22.19 and its two-hundred day moving average price is $20.16. Qifu Technology has a 1 year low of $13.68 and a 1 year high of $26.50. The firm has a market cap of $4.05 billion, a price-to-earnings ratio of 6.50, a P/E/G ratio of 0.43 and a beta of 0.61.

Qifu Technology (NASDAQ:QFIN) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.23. Qifu Technology had a net margin of 28.06% and a return on equity of 21.82%. The business had revenue of $572.44 million for the quarter, compared to analysts’ expectations of $582.69 million. As a group, analysts anticipate that Qifu Technology will post 4.94 EPS for the current year.

Qifu Technology Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Friday, November 1st. Investors of record on Friday, September 27th will be given a $0.60 dividend. This is a positive change from Qifu Technology’s previous semi-annual dividend of $0.57. This represents a yield of 4.7%. The ex-dividend date is Friday, September 27th. Qifu Technology’s dividend payout ratio is 30.57%.

Institutional Trading of Qifu Technology

Institutional investors have recently added to or reduced their stakes in the company. Creative Planning increased its stake in Qifu Technology by 36.1% in the second quarter. Creative Planning now owns 27,031 shares of the company’s stock worth $533,000 after purchasing an additional 7,163 shares during the period. SIH Partners LLLP purchased a new stake in shares of Qifu Technology in the second quarter valued at approximately $304,000. Dorsey Wright & Associates bought a new position in Qifu Technology in the second quarter worth approximately $2,293,000. The Manufacturers Life Insurance Company grew its stake in Qifu Technology by 0.7% in the second quarter. The Manufacturers Life Insurance Company now owns 421,578 shares of the company’s stock worth $8,318,000 after purchasing an additional 2,844 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in Qifu Technology by 35.5% during the 2nd quarter. Millennium Management LLC now owns 1,198,882 shares of the company’s stock worth $23,654,000 after purchasing an additional 314,323 shares during the period. Institutional investors own 74.81% of the company’s stock.

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.