Qifu Technology (NASDAQ:QFIN) Sees Unusually-High Trading Volume Following Analyst Upgrade

Shares of Qifu Technology, Inc. (NASDAQ:QFIN) saw unusually-high trading volume on Wednesday 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. Approximately 2,072,167 shares traded hands during mid-day trading, an increase of 56% from the previous session’s volume of 1,331,717 shares.The stock last traded at $46.05 and had previously closed at $44.23.

Institutional Investors Weigh In On Qifu Technology

A number of institutional investors have recently made changes to their positions in QFIN. GeoWealth Management LLC purchased a new position in shares of Qifu Technology in the fourth quarter worth $26,000. Jones Financial Companies Lllp bought a new position in Qifu Technology during the 4th quarter valued at about $29,000. Wilmington Savings Fund Society FSB bought a new position in Qifu Technology during the 3rd quarter valued at about $30,000. Advisors Preferred LLC purchased a new stake in shares of Qifu Technology during the 4th quarter valued at about $41,000. Finally, Global Retirement Partners LLC grew its stake in shares of Qifu Technology by 80.2% in 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. Hedge funds and other institutional investors own 74.81% of the company’s stock.

Qifu Technology Price Performance

The stock has a market capitalization of $7.48 billion, a P/E ratio of 9.60, a price-to-earnings-growth ratio of 0.32 and a beta of 0.59. The business’s 50 day moving average price is $41.69 and its 200 day moving average price is $36.40.

Qifu Technology (NASDAQ:QFIN) last announced its earnings results on Sunday, March 16th. The company reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.14. The business had revenue of $613.89 million during the quarter, compared to analyst estimates of $581.67 million. Qifu Technology had a net margin of 31.82% and a return on equity of 24.39%. As a group, analysts forecast that Qifu Technology, Inc. will post 5.71 earnings per share 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. Shareholders of record on Wednesday, April 23rd will be given a $0.70 dividend. This represents a yield of 2.5%. This is a boost from Qifu Technology’s previous semi-annual dividend of $0.60. The ex-dividend date is Wednesday, April 23rd. Qifu Technology’s dividend payout ratio (DPR) 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.