Qifu Technology (NASDAQ:QFIN) Hits New 12-Month High – Still a Buy?

Qifu Technology, Inc. (NASDAQ:QFIN)’s stock price reached a new 52-week high during trading on Friday . The stock traded as high as $48.94 and last traded at $48.12, with a volume of 3911724 shares. The stock had previously closed at $46.37.

Analysts Set New Price Targets

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

Qifu Technology Stock Up 3.8 %

The stock’s 50-day moving average price is $42.11 and its 200 day moving average price is $36.55. The firm has a market capitalization of $7.58 billion, a price-to-earnings ratio of 9.74, a PEG ratio of 0.32 and a beta of 0.59.

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

Qifu Technology Increases Dividend

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. GeoWealth Management LLC acquired a new stake in Qifu Technology during the fourth quarter worth about $26,000. Jones Financial Companies Lllp purchased a new stake in shares of Qifu Technology in the 4th quarter valued at approximately $29,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Qifu Technology during the 3rd quarter valued at approximately $30,000. Advisors Preferred LLC acquired a new position in Qifu Technology in the fourth quarter valued at approximately $41,000. Finally, Global Retirement Partners LLC lifted its holdings in Qifu Technology by 80.2% in the fourth quarter. Global Retirement Partners LLC now owns 1,164 shares of the company’s stock valued at $45,000 after acquiring an additional 518 shares during the last quarter. Hedge funds and other institutional investors 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.