Qifu Technology (NASDAQ:QFIN) Hits New 12-Month High - Time to Buy?

Shares of Qifu Technology, Inc. (NASDAQ:QFIN - Get Free Report) reached a new 52-week high on Friday . The company traded as high as $34.92 and last traded at $34.08, with a volume of 418279 shares. The stock had previously closed at $32.03.

Qifu Technology Stock Performance

The business has a 50 day moving average of $27.31 and a two-hundred day moving average of $22.31. The firm has a market capitalization of $5.39 billion, a price-to-earnings ratio of 8.02, a P/E/G ratio of 0.45 and a beta of 0.62.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last issued its earnings results on Tuesday, August 13th. The company reported $1.22 earnings per share for the quarter, topping analysts' consensus estimates of $0.99 by $0.23. The company had revenue of $572.44 million for the quarter, compared to analyst estimates of $582.69 million. Qifu Technology had a return on equity of 21.82% and a net margin of 28.06%. On average, equities analysts predict that Qifu Technology, Inc. will post 5.08 EPS for the current fiscal year.

Qifu Technology Increases Dividend

The company also recently declared a semi-annual dividend, which will be paid on Friday, November 1st. Investors of record on Friday, September 27th will be issued a dividend of $0.60 per share. The ex-dividend date is Friday, September 27th. This is a boost from Qifu Technology's previous semi-annual dividend of $0.57. This represents a yield of 4.7%. Qifu Technology's payout ratio is 28.37%.

Institutional Investors Weigh In On Qifu Technology

Several large investors have recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Qifu Technology by 88.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 102,000 shares of the company's stock valued at $1,880,000 after buying an additional 47,800 shares in the last quarter. Quantbot Technologies LP purchased a new position in Qifu Technology during the first quarter valued at approximately $634,000. Banque Cantonale Vaudoise increased its holdings in Qifu Technology by 94.3% during the 1st quarter. Banque Cantonale Vaudoise now owns 206,000 shares of the company's stock worth $3,797,000 after acquiring an additional 100,000 shares during the period. AQR Capital Management LLC bought a new stake in Qifu Technology during the 2nd quarter worth approximately $25,560,000. Finally, Hsbc Holdings PLC lifted its stake in Qifu Technology by 9.8% in the 2nd quarter. Hsbc Holdings PLC now owns 424,904 shares of the company's stock worth $8,377,000 after purchasing an additional 37,948 shares in the last quarter. Hedge funds and other institutional investors own 74.81% of the company's stock.

About Qifu Technology

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.