Qifu Technology (NASDAQ:QFIN) Reaches New 1-Year High – Time to Buy?

Shares of Qifu Technology, Inc. (NASDAQ:QFIN) reached a new 52-week high during trading on Monday . The stock traded as high as $46.96 and last traded at $46.11, with a volume of 592955 shares trading hands. The stock had previously closed at $43.19.

Analyst Upgrades and Downgrades

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

Qifu Technology Price Performance

The company has a market cap of $7.49 billion, a price-to-earnings ratio of 9.61, a P/E/G ratio of 0.32 and a beta of 0.59. The firm’s 50 day simple moving average is $40.41 and its 200-day simple moving average is $35.40.

Hedge Funds Weigh In On Qifu Technology

Several hedge funds have recently bought and sold shares of QFIN. Aspex Management HK Ltd grew its position in Qifu Technology by 11.3% in the fourth quarter. Aspex Management HK Ltd now owns 6,371,808 shares of the company’s stock valued at $244,550,000 after acquiring an additional 648,088 shares in the last quarter. AQR Capital Management LLC boosted its stake in Qifu Technology by 11.9% in the fourth quarter. AQR Capital Management LLC now owns 2,432,131 shares of the company’s stock valued at $93,345,000 after acquiring an additional 258,586 shares during the period. Alliancebernstein L.P. acquired a new position in Qifu Technology during the 4th quarter valued at approximately $92,150,000. State Street Corp boosted its stake in Qifu Technology by 5.8% during the 3rd quarter. State Street Corp now owns 2,324,831 shares of the company’s stock valued at $70,637,000 after purchasing an additional 128,381 shares during the period. Finally, Man Group plc raised its stake in shares of Qifu Technology by 10.4% during the fourth quarter. Man Group plc now owns 1,529,897 shares of the company’s stock valued at $58,717,000 after purchasing an additional 144,328 shares in the last quarter. Hedge funds and other 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.