Qifu Technology (NASDAQ:QFIN) Trading Up 9% - Time to Buy?

Shares of Qifu Technology, Inc. (NASDAQ:QFIN - Get Free Report) shot up 9% during mid-day trading on Monday . The stock traded as high as $40.99 and last traded at $39.64. 743,864 shares were traded during trading, a decline of 50% from the average session volume of 1,501,404 shares. The stock had previously closed at $36.37.

Analyst Upgrades and Downgrades

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

Qifu Technology Stock Performance

The company has a 50 day moving average of $41.67 and a 200-day moving average of $38.00. The stock has a market cap 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 quarterly earnings data 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. Qifu Technology had a return on equity of 24.39% and a net margin of 31.82%. The business had revenue of $613.89 million for the quarter, compared to analyst estimates of $581.67 million. On average, research analysts anticipate that Qifu Technology, Inc. will post 5.71 EPS for the current year.

Qifu Technology Increases Dividend

The company 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 $0.70 dividend. The ex-dividend date of this dividend is Wednesday, April 23rd. This is an increase from Qifu Technology's previous semi-annual dividend of $0.60. This represents a dividend yield of 2.5%. Qifu Technology's dividend payout ratio is currently 23.79%.

Institutional Investors Weigh In On Qifu Technology

Several hedge funds and other institutional investors have recently made changes to their positions in QFIN. Wrapmanager Inc. boosted its position in shares of Qifu Technology by 4.1% in the 4th quarter. Wrapmanager Inc. now owns 7,554 shares of the company's stock valued at $290,000 after purchasing an additional 296 shares during the period. Global Retirement Partners LLC grew its holdings in Qifu Technology by 80.2% during the fourth quarter. Global Retirement Partners LLC now owns 1,164 shares of the company's stock worth $45,000 after acquiring an additional 518 shares during the period. DGS Capital Management LLC lifted its stake in shares of Qifu Technology by 5.9% in the fourth quarter. DGS Capital Management LLC now owns 11,413 shares of the company's stock valued at $438,000 after purchasing an additional 631 shares during the period. GeoWealth Management LLC purchased a new position in Qifu Technology in the 4th quarter valued at approximately $26,000. Finally, Jones Financial Companies Lllp acquired a new position in Qifu Technology during the fourth quarter worth about $29,000. 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.