Qifu Technology (NASDAQ:QFIN) Shares Gap Up – Still a Buy?

Shares of Qifu Technology, Inc. (NASDAQ:QFIN) gapped up before the market opened on Thursday . The stock had previously closed at $36.54, but opened at $37.60. Qifu Technology shares last traded at $37.26, with a volume of 114,785 shares.

Analysts Set New Price Targets

Separately, Bank of America upped their price objective 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 Stock Down 0.2 %

The firm has a 50-day simple moving average of $41.82 and a 200-day simple moving average of $37.96. The stock has a market cap of $5.75 billion, a PE ratio of 7.38, a P/E/G ratio of 0.32 and a beta of 0.53.

Qifu Technology (NASDAQ:QFIN) last issued its quarterly earnings data on Sunday, March 16th. The company reported $1.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.14. The business had revenue of $613.89 million for 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, research analysts expect that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Qifu Technology Increases Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Monday, June 2nd. Investors of record on Wednesday, April 23rd will be given a $0.70 dividend. This represents a dividend yield of 2.5%. The ex-dividend date is Wednesday, April 23rd. This is an increase from Qifu Technology’s previous semi-annual dividend of $0.60. Qifu Technology’s dividend payout ratio (DPR) is 23.79%.

Hedge Funds Weigh In On Qifu Technology

Institutional investors have recently added to or reduced their stakes in the business. Wrapmanager Inc. grew its holdings in shares of Qifu Technology by 4.1% during the fourth quarter. Wrapmanager Inc. now owns 7,554 shares of the company’s stock worth $290,000 after purchasing an additional 296 shares in the last quarter. Global Retirement Partners LLC grew its stake in Qifu Technology by 80.2% in 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 in the last quarter. DGS Capital Management LLC increased its holdings in shares of Qifu Technology by 5.9% in the 4th quarter. DGS Capital Management LLC now owns 11,413 shares of the company’s stock worth $438,000 after buying an additional 631 shares during the last quarter. GeoWealth Management LLC purchased a new stake in shares of Qifu Technology during the 4th quarter valued at $26,000. Finally, Jones Financial Companies Lllp bought a new stake in shares of Qifu Technology during the 4th quarter worth $29,000. 74.81% of the stock is currently owned by 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.