Qifu Technology (NASDAQ:QFIN) Hits New 52-Week High – Still a Buy?

Qifu Technology, Inc. (NASDAQ:QFIN)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $40.31 and last traded at $40.57, with a volume of 363849 shares changing hands. The stock had previously closed at $39.93.

Wall Street Analysts Forecast Growth

Separately, Citigroup increased their price objective on shares of Qifu Technology from $31.44 to $37.50 and gave the company a “buy” rating in a research note on Thursday, November 21st.

Qifu Technology Stock Up 1.4 %

The business has a fifty day simple moving average of $37.65 and a two-hundred day simple moving average of $30.69. The company has a market capitalization of $6.55 billion, a price-to-earnings ratio of 8.41, a P/E/G ratio of 0.30 and a beta of 0.64.

Institutional Investors Weigh In On Qifu Technology

A number of hedge funds have recently made changes to their positions in the company. Wilmington Savings Fund Society FSB bought a new stake in shares of Qifu Technology during the third quarter worth $30,000. USA Financial Formulas acquired a new position in Qifu Technology during the 3rd quarter worth about $41,000. Advisors Preferred LLC bought a new stake in Qifu Technology during the 4th quarter worth about $41,000. Point72 DIFC Ltd acquired a new stake in Qifu Technology in the 3rd quarter valued at about $43,000. Finally, BOCHK Asset Management Ltd bought a new position in shares of Qifu Technology in the fourth quarter worth about $46,000. Institutional investors and hedge funds 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.