Qifu Technology (NASDAQ:QFIN) Trading 9% Higher – Here’s What Happened

Qifu Technology, Inc. (NASDAQ:QFIN) shot up 9% during mid-day trading on Monday . The stock traded as high as $40.99 and last traded at $39.64. 743,864 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 1,501,404 shares. The stock had previously closed at $36.37.

Analyst Upgrades and Downgrades

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

Qifu Technology Stock Performance

The business’s 50 day moving average price is $42.05 and its 200-day moving average price is $37.90. The company has a market cap of $6.21 billion, a price-to-earnings ratio of 7.98, a PEG ratio of 0.32 and a beta of 0.53.

Qifu Technology (NASDAQ:QFIN) last released its quarterly earnings data on Sunday, March 16th. The company reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.14. The company had revenue of $613.89 million for the quarter, compared to analyst estimates of $581.67 million. Qifu Technology had a return on equity of 24.39% and a net margin of 31.82%. On average, equities research analysts expect that Qifu Technology, Inc. will post 5.71 earnings per share for the current fiscal year.

Qifu Technology Increases Dividend

The company also recently announced a semi-annual dividend, which will be paid on Monday, June 2nd. Stockholders of record on Wednesday, April 23rd will be paid a $0.70 dividend. This represents a dividend yield of 2.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. This is an increase from Qifu Technology’s previous semi-annual dividend of $0.60. Qifu Technology’s payout ratio is currently 23.79%.

Hedge Funds Weigh In On Qifu Technology

Institutional investors have recently added to or reduced their stakes in the company. Myriad Asset Management US LP bought a new position in shares of Qifu Technology in the first quarter valued at approximately $2,314,000. Mackenzie Financial Corp boosted its stake in Qifu Technology by 48.6% in the fourth quarter. Mackenzie Financial Corp now owns 483,387 shares of the company’s stock worth $18,552,000 after purchasing an additional 158,013 shares in the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of Qifu Technology during the fourth quarter worth $8,736,000. Public Employees Retirement System of Ohio increased its stake in shares of Qifu Technology by 43.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 407,993 shares of the company’s stock valued at $15,659,000 after buying an additional 123,292 shares in the last quarter. Finally, Vise Technologies Inc. acquired a new position in Qifu Technology during the 4th quarter worth about $239,000. 74.81% of the stock is owned by institutional investors.

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.