Qifu Technology (NASDAQ:QFIN) Shares Gap Up - Time to Buy?

Qifu Technology, Inc. (NASDAQ:QFIN - Get Free Report)'s share price gapped up before the market opened on Thursday . The stock had previously closed at $36.54, but opened at $37.60. Qifu Technology shares last traded at $37.26, with a volume of 114,785 shares traded.

Analyst Upgrades and Downgrades

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

Qifu Technology Stock Down 2.5 %

The stock has a 50 day moving average price of $41.55 and a 200 day moving average price of $38.07. The stock has a market capitalization of $5.61 billion, a price-to-earnings ratio of 7.21, a price-to-earnings-growth ratio of 0.32 and a beta of 0.53.

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

Qifu Technology Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Monday, June 2nd. Investors of record on Wednesday, April 23rd will be given a dividend of $0.70 per share. This is a positive change from Qifu Technology's previous semi-annual dividend of $0.60. This represents a yield of 2.5%. The ex-dividend date is Wednesday, April 23rd. Qifu Technology's dividend payout ratio (DPR) is currently 23.79%.

Institutional Investors Weigh In On Qifu Technology

Institutional investors have recently made changes to their positions in the stock. GeoWealth Management LLC bought a new stake in Qifu Technology in the fourth quarter valued at approximately $26,000. Jones Financial Companies Lllp bought a new stake in shares of Qifu Technology in the 4th quarter valued at $29,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Qifu Technology during the third quarter worth $30,000. Advisors Preferred LLC bought a new position in Qifu Technology during the fourth quarter worth $41,000. Finally, Global Retirement Partners LLC lifted its holdings 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 buying an additional 518 shares during the period. Institutional investors own 74.81% of the company's stock.

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.