Qifu Technology (NASDAQ:QFIN) Shares Down 5.2% - Here's What Happened

Shares of Qifu Technology, Inc. (NASDAQ:QFIN - Get Free Report) dropped 5.2% on Monday . The company traded as low as $36.61 and last traded at $36.67. Approximately 621,617 shares were traded during trading, a decline of 1% from the average daily volume of 624,857 shares. The stock had previously closed at $38.67.

Analysts Set New Price Targets

Separately, Citigroup upped their target price on shares of Qifu Technology from $31.44 to $37.50 and gave the company a "buy" rating in a report on Thursday, November 21st.

Qifu Technology Stock Down 5.6 %

The firm has a fifty day simple moving average of $35.74 and a 200-day simple moving average of $28.64. The company has a market cap of $5.89 billion, a PE ratio of 7.39, a price-to-earnings-growth ratio of 0.33 and a beta of 0.64.

Institutional Investors Weigh In On Qifu Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Street Corp increased its holdings in shares of Qifu Technology by 5.8% in the 3rd quarter. State Street Corp now owns 2,324,831 shares of the company's stock valued at $70,637,000 after acquiring an additional 128,381 shares during the period. Dimensional Fund Advisors LP increased its stake in Qifu Technology by 5.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,193,893 shares of the company's stock valued at $43,262,000 after purchasing an additional 109,809 shares during the period. Robeco Institutional Asset Management B.V. raised its holdings in shares of Qifu Technology by 66.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,369,278 shares of the company's stock valued at $40,818,000 after buying an additional 548,678 shares during the last quarter. AQR Capital Management LLC acquired a new stake in shares of Qifu Technology during the second quarter worth about $25,560,000. Finally, Geode Capital Management LLC grew its holdings in shares of Qifu Technology by 3.2% during the third quarter. Geode Capital Management LLC now owns 1,309,635 shares of the company's stock worth $38,866,000 after buying an additional 41,139 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.