Qifu Technology (NASDAQ:QFIN) Stock Price Down 3.7% - Here's What Happened

Shares of Qifu Technology, Inc. (NASDAQ:QFIN - Get Free Report) fell 3.7% during trading on Thursday . The company traded as low as $45.10 and last traded at $45.89. 391,053 shares traded hands during trading, a decline of 70% from the average session volume of 1,312,393 shares. The stock had previously closed at $47.66.

Qifu Technology Price Performance

The firm's fifty day simple moving average is $41.37 and its 200 day simple moving average is $36.12. The company has a market capitalization of $6.93 billion, a price-to-earnings ratio of 8.91, a PEG ratio of 0.32 and a beta of 0.59.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last released its 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 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%. Equities research analysts forecast 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 given a dividend of $0.70 per share. The ex-dividend date of this dividend is Wednesday, April 23rd. This is a positive change from Qifu Technology's previous semi-annual dividend of $0.60. This represents a yield of 2.5%. Qifu Technology's dividend payout ratio (DPR) is presently 20.34%.

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Hedge Funds Weigh In On Qifu Technology

Large investors have recently made changes to their positions in the business. Alliancebernstein L.P. purchased a new position in Qifu Technology during the fourth quarter valued at approximately $92,150,000. Norges Bank acquired a new stake in shares of Qifu Technology during the 4th quarter valued at $46,579,000. Candriam S.C.A. purchased a new position in shares of Qifu Technology during the 4th quarter valued at $27,185,000. Aspex Management HK Ltd increased 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 acquiring an additional 648,088 shares during the last quarter. Finally, Marshall Wace LLP increased its stake in shares of Qifu Technology by 67.5% in the fourth quarter. Marshall Wace LLP now owns 1,351,277 shares of the company's stock worth $51,862,000 after acquiring an additional 544,666 shares during the last quarter. Institutional investors and hedge funds 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.