Qifu Technology, Inc. (NASDAQ:QFIN) Shares Sold by DnB Asset Management AS

DnB Asset Management AS cut its stake in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 11.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,155 shares of the company's stock after selling 7,542 shares during the quarter. DnB Asset Management AS's holdings in Qifu Technology were worth $2,232,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Jones Financial Companies Lllp purchased a new stake in Qifu Technology during the 4th quarter valued at about $29,000. Wilmington Savings Fund Society FSB purchased a new stake in Qifu Technology in the third quarter valued at approximately $30,000. Advisors Preferred LLC purchased a new stake in Qifu Technology in the fourth quarter valued at approximately $41,000. Global Retirement Partners LLC increased its holdings in Qifu Technology by 80.2% in the 4th quarter. Global Retirement Partners LLC now owns 1,164 shares of the company's stock worth $45,000 after buying an additional 518 shares during the period. Finally, BOCHK Asset Management Ltd acquired a new stake in Qifu Technology during the 4th quarter valued at approximately $46,000. 74.81% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Bank of America increased their price objective on shares of Qifu Technology from $50.66 to $52.70 and gave the stock a "buy" rating in a research note on Wednesday, March 26th.

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Qifu Technology Stock Down 12.0 %

Shares of QFIN traded down $5.23 during mid-day trading on Friday, reaching $38.25. The company had a trading volume of 3,218,351 shares, compared to its average volume of 1,449,685. The stock has a market capitalization of $6.03 billion, a P/E ratio of 7.74, a PEG ratio of 0.32 and a beta of 0.53. Qifu Technology, Inc. has a 52-week low of $17.76 and a 52-week high of $48.94. The stock has a 50 day moving average of $42.69 and a two-hundred day moving average of $37.51.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last released its quarterly earnings data on Sunday, March 16th. The company reported $1.82 EPS for the quarter, topping the consensus estimate of $1.68 by $0.14. The business 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, sell-side analysts expect that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Qifu Technology Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Monday, June 2nd. Shareholders of record on Wednesday, April 23rd will be issued a $0.70 dividend. This is a boost from Qifu Technology's previous semi-annual dividend of $0.60. The ex-dividend date is Wednesday, April 23rd. This represents a yield of 2.5%. Qifu Technology's payout ratio is presently 23.79%.

Qifu Technology 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.