Qifu Technology (NASDAQ:QFIN) Shares Gap Up – What’s Next?

Qifu Technology, Inc. (NASDAQ:QFIN) gapped up before the market opened on Thursday . The stock had previously closed at $36.79, but opened at $37.87. Qifu Technology shares last traded at $38.18, with a volume of 621,031 shares.

Wall Street Analysts Forecast Growth

Separately, Bank of America lifted their target price on shares of Qifu Technology from $50.66 to $52.70 and gave the stock a “buy” rating in a report on Wednesday, March 26th.

Qifu Technology Stock Performance

The company has a fifty day moving average of $42.21 and a two-hundred day moving average of $37.70. The firm has a market capitalization of $5.92 billion, a price-to-earnings ratio of 7.66, a PEG ratio of 0.32 and a beta of 0.53.

Qifu Technology (NASDAQ:QFIN) last posted its earnings results on Sunday, March 16th. The company reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.14. Qifu Technology had a return on equity of 24.39% and a net margin of 31.82%. The company had revenue of $613.89 million during the quarter, compared to the consensus estimate of $581.67 million. Equities analysts forecast that Qifu Technology, Inc. will post 5.71 EPS for the current year.

Qifu Technology Increases Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Monday, June 2nd. Shareholders of record on Wednesday, April 23rd will be given a dividend of $0.70 per share. This represents a dividend yield of 2.5%. The ex-dividend date is Wednesday, April 23rd. This is a positive change from Qifu Technology’s previous semi-annual dividend of $0.60. Qifu Technology’s dividend payout ratio is presently 23.79%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GeoWealth Management LLC bought a new position in Qifu Technology in the 4th quarter valued at about $26,000. Jones Financial Companies Lllp bought a new position in Qifu Technology in the fourth quarter valued at approximately $29,000. Wilmington Savings Fund Society FSB bought a new position in Qifu Technology in the third quarter valued at approximately $30,000. Advisors Preferred LLC acquired a new position in Qifu Technology during the fourth quarter valued at approximately $41,000. Finally, Global Retirement Partners LLC lifted its stake in Qifu Technology by 80.2% during the fourth quarter. Global Retirement Partners LLC now owns 1,164 shares of the company’s stock worth $45,000 after purchasing an additional 518 shares during the last quarter. 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.