Qifu Technology (NASDAQ:QFIN) Reaches New 12-Month High - Should You Buy?

Qifu Technology, Inc. (NASDAQ:QFIN - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $46.96 and last traded at $46.11, with a volume of 592955 shares changing hands. The stock had previously closed at $43.19.

Wall Street Analyst Weigh In

Separately, Citigroup raised their target price on Qifu Technology from $31.44 to $37.50 and gave the stock a "buy" rating in a research note on Thursday, November 21st.

Qifu Technology Trading Down 2.5 %

The company has a 50-day simple moving average of $41.20 and a 200 day simple moving average of $35.84. The firm has a market cap of $7.08 billion, a PE ratio of 9.09, a price-to-earnings-growth ratio of 0.32 and a beta of 0.59.

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

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Qifu Technology Increases Dividend

The company also recently declared 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. The ex-dividend date is Wednesday, April 23rd. This is a positive change from Qifu Technology's previous semi-annual dividend of $0.60. This represents a dividend yield of 2.5%. Qifu Technology's payout ratio is currently 20.34%.

Hedge Funds Weigh In On Qifu Technology

Several hedge funds and other institutional investors have recently modified their holdings of QFIN. GeoWealth Management LLC acquired a new stake in shares of Qifu Technology in the fourth quarter valued at approximately $26,000. Jones Financial Companies Lllp acquired a new position in shares of Qifu Technology in the 4th quarter worth approximately $29,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Qifu Technology during the 3rd quarter worth approximately $30,000. Advisors Preferred LLC acquired a new stake in Qifu Technology in the 4th quarter valued at approximately $41,000. Finally, Global Retirement Partners LLC raised its position in Qifu Technology by 80.2% in the fourth quarter. Global Retirement Partners LLC now owns 1,164 shares of the company's stock valued at $45,000 after purchasing an additional 518 shares during the period. 74.81% of the stock is owned by hedge funds and other institutional investors.

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.