Qifu Technology (NASDAQ:QFIN) Sees Unusually-High Trading Volume Following Analyst Upgrade

Shares of Qifu Technology, Inc. (NASDAQ:QFIN - Get Free Report) saw an uptick in trading volume on Wednesday after Bank of America raised their price target on the stock from $50.66 to $52.70. Bank of America currently has a buy rating on the stock. 2,072,167 shares changed hands during trading, an increase of 56% from the previous session's volume of 1,331,717 shares.The stock last traded at $46.05 and had previously closed at $44.23.

Hedge Funds Weigh In On Qifu Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wrapmanager Inc. boosted its stake in shares of Qifu Technology by 4.1% during the 4th quarter. Wrapmanager Inc. now owns 7,554 shares of the company's stock worth $290,000 after acquiring an additional 296 shares during the period. Global Retirement Partners LLC raised its position in shares of 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. DGS Capital Management LLC lifted its stake in shares of Qifu Technology by 5.9% during the 4th quarter. DGS Capital Management LLC now owns 11,413 shares of the company's stock worth $438,000 after buying an additional 631 shares during the last quarter. GeoWealth Management LLC bought a new stake in shares of Qifu Technology during the 4th quarter worth about $26,000. Finally, Jones Financial Companies Lllp acquired a new position in Qifu Technology in the 4th quarter valued at about $29,000. Institutional investors own 74.81% of the company's stock.

Qifu Technology Stock Performance

The stock has a market capitalization of $7.16 billion, a P/E ratio of 9.20, a PEG ratio of 0.32 and a beta of 0.59. The company's fifty day simple moving average is $42.25 and its two-hundred day simple moving average is $36.78.

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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 the consensus estimate of $1.68 by $0.14. Qifu Technology had a return on equity of 24.39% and a net margin of 31.82%. The business had revenue of $613.89 million during the quarter, compared to the consensus estimate of $581.67 million. On average, research analysts predict that Qifu Technology, Inc. will post 5.71 earnings per share for the current fiscal year.

Qifu Technology Increases Dividend

The firm 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. The ex-dividend date is Wednesday, April 23rd. This represents a yield of 2.5%. This is an increase from Qifu Technology's previous semi-annual dividend of $0.60. Qifu Technology's payout ratio is currently 23.79%.

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.