Qifu Technology (NASDAQ:QFIN) Stock Price Up 6% - Time to Buy?

Qifu Technology, Inc. (NASDAQ:QFIN - Get Free Report)'s stock price was up 6% on Tuesday . The stock traded as high as $40.87 and last traded at $40.72. Approximately 354,354 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 1,214,994 shares. The stock had previously closed at $38.42.

Wall Street Analysts Forecast Growth

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

Qifu Technology Stock Up 6.1 %

The business's 50 day moving average price is $40.21 and its 200-day moving average price is $34.96. The company has a market cap of $6.42 billion, a PE ratio of 8.32, a price-to-earnings-growth ratio of 0.32 and a beta of 0.59.

Institutional Investors Weigh In On Qifu Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE grew its stake in shares of Qifu Technology by 16.5% during the third quarter. US Bancorp DE now owns 5,410 shares of the company's stock valued at $161,000 after acquiring an additional 765 shares in the last quarter. Los Angeles Capital Management LLC raised its position in shares of Qifu Technology by 54.8% in the 3rd quarter. Los Angeles Capital Management LLC now owns 149,255 shares of the company's stock valued at $4,449,000 after purchasing an additional 52,814 shares in the last quarter. Venturi Wealth Management LLC purchased a new position in shares of Qifu Technology during the 3rd quarter valued at approximately $54,000. OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of Qifu Technology by 41.7% during the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 109,561 shares of the company's stock worth $3,266,000 after buying an additional 32,248 shares in the last quarter. Finally, KBC Group NV bought a new stake in shares of Qifu Technology in the third quarter worth $278,000. Hedge funds and other 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.

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