Qifu Technology (NASDAQ:QFIN) Sets New 12-Month High – Here’s Why

Qifu Technology, Inc. (NASDAQ:QFIN)’s stock price hit a new 52-week high on Thursday . The stock traded as high as $44.28 and last traded at $43.95, with a volume of 1146714 shares trading hands. The stock had previously closed at $43.00.

Wall Street Analyst Weigh In

Separately, Citigroup raised their price target on shares of Qifu Technology from $31.44 to $37.50 and gave the company a “buy” rating in a research report on Thursday, November 21st.

Qifu Technology Price Performance

The stock has a fifty day moving average of $38.85 and a 200 day moving average of $32.32. The firm has a market capitalization of $6.95 billion, a P/E ratio of 8.93, a price-to-earnings-growth ratio of 0.32 and a beta of 0.63.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. bought a new stake in shares of Qifu Technology in the fourth quarter valued at $92,150,000. State Street Corp increased its holdings in Qifu Technology by 5.8% in the 3rd quarter. State Street Corp now owns 2,324,831 shares of the company’s stock worth $70,637,000 after acquiring an additional 128,381 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Qifu Technology by 10.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,478,319 shares of the company’s stock worth $56,738,000 after acquiring an additional 134,326 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in Qifu Technology by 66.9% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,369,278 shares of the company’s stock valued at $40,818,000 after purchasing an additional 548,678 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Qifu Technology by 3.2% during the third quarter. Geode Capital Management LLC now owns 1,309,635 shares of the company’s stock valued at $38,866,000 after purchasing an additional 41,139 shares during the last quarter. 74.81% of the stock is currently owned by hedge funds and other institutional investors.

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.