Qifu Technology (NASDAQ:QFIN) Shares Gap Down – Here’s What Happened

Qifu Technology, Inc. (NASDAQ:QFIN)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $40.93, but opened at $40.04. Qifu Technology shares last traded at $40.33, with a volume of 114,601 shares changing hands.

Analysts Set New Price Targets

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

Qifu Technology Price Performance

The firm has a 50 day moving average of $41.03 and a two-hundred day moving average of $38.35. The stock has a market cap of $6.33 billion, a PE ratio of 8.13, a PEG ratio of 0.32 and a beta of 0.53.

Qifu Technology (NASDAQ:QFIN) last issued its earnings results on Sunday, March 16th. The company reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.14. Qifu Technology had a net margin of 31.82% and a return on equity of 24.39%. The business had revenue of $613.89 million during the quarter, compared to analysts’ expectations of $581.67 million. As a group, equities analysts anticipate that Qifu Technology, Inc. will post 5.71 EPS for the current fiscal year.

Qifu Technology Increases Dividend

The company also recently announced a semi-annual dividend, which will be paid on Monday, June 2nd. Stockholders of record on Wednesday, April 23rd will be issued a $0.70 dividend. This is an increase from Qifu Technology’s previous semi-annual dividend of $0.60. This represents a dividend yield of 2.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. Qifu Technology’s payout ratio is presently 23.79%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. GeoWealth Management LLC purchased a new position in shares of Qifu Technology during the fourth quarter worth approximately $26,000. Jones Financial Companies Lllp purchased a new position in Qifu Technology during the 4th quarter worth $29,000. Wilmington Savings Fund Society FSB acquired a new position in Qifu Technology in the third quarter valued at $30,000. Advisors Preferred LLC purchased a new stake in shares of Qifu Technology in the fourth quarter valued at about $41,000. Finally, Global Retirement Partners LLC boosted its stake in shares of 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 buying an additional 518 shares during the period. Institutional investors and hedge funds 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.