Qifu Technology (NASDAQ:QFIN) Shares Up 9% – Should You Buy?

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

Wall Street Analysts Forecast Growth

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

Qifu Technology Trading Up 0.4 %

The business has a 50 day moving average price of $41.95 and a 200-day moving average price of $37.97. The firm has a market capitalization of $6.11 billion, a PE ratio of 7.85, a P/E/G ratio of 0.32 and a beta of 0.53.

Qifu Technology (NASDAQ:QFIN) last released its quarterly earnings data on Sunday, March 16th. The company reported $1.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.14. The firm had revenue of $613.89 million during the quarter, compared to analysts’ expectations of $581.67 million. Qifu Technology had a return on equity of 24.39% and a net margin of 31.82%. On average, equities research analysts forecast that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Qifu Technology Increases Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Monday, June 2nd. Investors of record on Wednesday, April 23rd will be paid a $0.70 dividend. 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 dividend yield of 2.5%. Qifu Technology’s dividend payout ratio (DPR) is 23.79%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. GeoWealth Management LLC acquired a new stake in shares of Qifu Technology in the 4th quarter worth approximately $26,000. Jones Financial Companies Lllp purchased a new stake in Qifu Technology during the fourth quarter worth $29,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Qifu Technology in the third quarter valued at $30,000. Advisors Preferred LLC acquired a new position in shares of Qifu Technology during the 4th quarter worth $41,000. Finally, Global Retirement Partners LLC raised its stake in shares of Qifu Technology by 80.2% during the 4th 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 last quarter. 74.81% of the stock is owned by hedge funds and other institutional investors.

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.