Qifu Technology (NASDAQ:QFIN) Hits New 52-Week High - Time to Buy?

Qifu Technology, Inc. (NASDAQ:QFIN - Get Free Report)'s share price hit a new 52-week high during trading on Friday . The company traded as high as $48.94 and last traded at $48.12, with a volume of 3911724 shares traded. The stock had previously closed at $46.37.

Analysts Set New Price Targets

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

Qifu Technology Stock Performance

The stock has a market cap of $7.10 billion, a P/E ratio of 9.11, a price-to-earnings-growth ratio of 0.32 and a beta of 0.59. The firm has a 50-day moving average price of $42.25 and a 200-day moving average price of $36.86.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last issued 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 company had revenue of $613.89 million during 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, research analysts predict that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Remove Ads

Qifu Technology Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Monday, June 2nd. Investors of record on Wednesday, April 23rd will be paid a $0.70 dividend. This represents a 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 dividend payout ratio (DPR) is currently 23.79%.

Institutional Investors Weigh In On Qifu Technology

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