Qifu Technology (NASDAQ:QFIN) Shares Down 4.1% – Here’s Why

Qifu Technology, Inc. (NASDAQ:QFIN)’s stock price was down 4.1% on Thursday . The company traded as low as $37.76 and last traded at $37.86. Approximately 378,894 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 910,485 shares. The stock had previously closed at $39.48.

Wall Street Analysts Forecast Growth

Separately, Citigroup upped their target price on shares of Qifu Technology from $31.44 to $37.50 and gave the stock a “buy” rating in a research report on Thursday, November 21st.

Qifu Technology Stock Performance

The company has a market capitalization of $5.99 billion, a PE ratio of 7.69, a P/E/G ratio of 0.29 and a beta of 0.64. The company’s 50-day moving average is $36.93 and its 200 day moving average is $30.06.

Hedge Funds Weigh In On Qifu Technology

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB purchased a new stake in Qifu Technology in the 3rd quarter worth approximately $30,000. USA Financial Formulas bought a new stake in shares of Qifu Technology during the third quarter worth $41,000. Point72 DIFC Ltd bought a new stake in shares of Qifu Technology in the third quarter valued at about $43,000. BOCHK Asset Management Ltd bought a new stake in shares of Qifu Technology in the fourth quarter valued at about $46,000. Finally, Venturi Wealth Management LLC purchased a new position in Qifu Technology in the third quarter valued at about $54,000. Institutional investors own 74.81% of the company’s stock.

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.