Qifu Technology (NASDAQ:QFIN) Stock Price Up 4.5% Following Analyst Upgrade

Shares of Qifu Technology, Inc. (NASDAQ:QFIN - Get Free Report) rose 4.5% on Thursday 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. Qifu Technology traded as high as $48.37 and last traded at $48.47. Approximately 815,678 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 1,363,125 shares. The stock had previously closed at $46.37.

Institutional Trading of Qifu Technology

A number of large investors have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp boosted its stake in Qifu Technology by 48.6% in the fourth quarter. Mackenzie Financial Corp now owns 483,387 shares of the company's stock valued at $18,552,000 after acquiring an additional 158,013 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of Qifu Technology in the 4th quarter worth approximately $8,736,000. Public Employees Retirement System of Ohio lifted its stake in Qifu Technology by 43.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 407,993 shares of the company's stock valued at $15,659,000 after purchasing an additional 123,292 shares during the last quarter. Vise Technologies Inc. bought a new position in Qifu Technology during the fourth quarter valued at $239,000. Finally, Vident Advisory LLC increased its position in Qifu Technology by 9.2% in the fourth quarter. Vident Advisory LLC now owns 19,191 shares of the company's stock worth $737,000 after buying an additional 1,621 shares during the last quarter. Hedge funds and other institutional investors own 74.81% of the company's stock.

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Qifu Technology Price Performance

The company has a 50 day simple moving average of $42.25 and a 200-day simple moving average of $36.86. The stock has a market capitalization of $7.11 billion, a P/E ratio of 9.12, a price-to-earnings-growth ratio of 0.32 and a beta of 0.59.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last released its quarterly earnings data on Sunday, March 16th. The company reported $1.82 EPS for the quarter, beating the consensus estimate of $1.68 by $0.14. The business had revenue of $613.89 million for the quarter, compared to the consensus estimate of $581.67 million. Qifu Technology had a net margin of 31.82% and a return on equity of 24.39%. As a group, equities 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 announced a semi-annual dividend, which will be paid on Monday, June 2nd. Shareholders of record on Wednesday, April 23rd will be issued a dividend of $0.70 per share. This is a boost from Qifu Technology's previous semi-annual dividend of $0.60. The ex-dividend date of this dividend is Wednesday, April 23rd. This represents a yield of 2.5%. Qifu Technology's payout ratio is presently 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.