360 DigiTech (NASDAQ:QFIN) Shares Gap Down to $22.09

360 DigiTech, Inc. (NASDAQ:QFIN) gapped down prior to trading on Thursday . The stock had previously closed at $22.09, but opened at $21.15. 360 DigiTech shares last traded at $20.85, with a volume of 10,054 shares.

A number of equities analysts have recently weighed in on QFIN shares. TheStreet downgraded 360 DigiTech from a “b-” rating to a “c” rating in a research note on Monday, July 19th. Zacks Investment Research downgraded 360 DigiTech from a “buy” rating to a “hold” rating in a research note on Tuesday, August 17th. Citigroup cut their target price on 360 DigiTech from $43.67 to $24.99 and set a “buy” rating on the stock in a research note on Monday, August 23rd. Finally, CLSA dropped their price objective on 360 DigiTech from $39.00 to $27.00 and set a “buy” rating on the stock in a research note on Monday, August 2nd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, 360 DigiTech currently has an average rating of “Buy” and an average target price of $34.60.

The business’s fifty day simple moving average is $21.09 and its 200-day simple moving average is $26.57. The firm has a market cap of $3.03 billion, a P/E ratio of 4.06 and a beta of 0.54.

360 DigiTech (NASDAQ:QFIN) last issued its earnings results on Wednesday, August 18th. The company reported $10.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.52 by $2.51. 360 DigiTech had a net margin of 36.45% and a return on equity of 51.83%. The business had revenue of $619.76 million for the quarter. As a group, equities research analysts anticipate that 360 DigiTech, Inc. will post 5.21 earnings per share for the current year.

Several institutional investors have recently added to or reduced their stakes in the company. Parametric Portfolio Associates LLC bought a new position in shares of 360 DigiTech in the second quarter worth $950,000. Marshall Wace North America L.P. increased its holdings in shares of 360 DigiTech by 22.3% in the second quarter. Marshall Wace North America L.P. now owns 20,795 shares of the company’s stock worth $870,000 after purchasing an additional 3,793 shares during the period. Morgan Stanley increased its holdings in shares of 360 DigiTech by 1.6% in the second quarter. Morgan Stanley now owns 8,651,001 shares of the company’s stock worth $361,958,000 after purchasing an additional 135,715 shares during the period. Nations Financial Group Inc. IA ADV bought a new position in shares of 360 DigiTech in the second quarter worth $497,000. Finally, Oberweis Asset Management Inc. increased its holdings in shares of 360 DigiTech by 25.0% in the second quarter. Oberweis Asset Management Inc. now owns 30,000 shares of the company’s stock worth $1,255,000 after purchasing an additional 6,000 shares during the period. 49.30% of the stock is currently owned by hedge funds and other institutional investors.

About 360 DigiTech (NASDAQ:QFIN)

360 DigiTech, Inc is a holding company, which engages in the provision of digital consumer finance platform. It provides tailored online consumer finance products to prime, underserved borrowers funded primarily by its funding partners. The company proprietary technology platform supports full transaction lifecycle from credit application through settlement.

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