Qifu Technology (NASDAQ:QFIN) Stock Price Down 5.8%

Shares of Qifu Technology, Inc. (NASDAQ:QFIN) dropped 5.8% on Thursday . The stock traded as low as $15.98 and last traded at $15.98. Approximately 125,599 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 985,633 shares. The stock had previously closed at $16.97.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Bank of America began coverage on shares of Qifu Technology in a research note on Wednesday, July 5th. They set a “buy” rating and a $24.50 target price on the stock. CLSA dropped their target price on Qifu Technology from $27.80 to $25.90 in a report on Friday, September 1st. Finally, TheStreet raised Qifu Technology from a “c+” rating to a “b” rating in a research note on Tuesday, June 6th.

Qifu Technology Stock Performance

The stock’s fifty day simple moving average is $17.67 and its two-hundred day simple moving average is $17.59. The company has a market capitalization of $2.61 billion, a price-to-earnings ratio of 4.68, a P/E/G ratio of 0.43 and a beta of 0.51.

Qifu Technology Dividend Announcement

The firm also recently declared a semi-annual dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Friday, September 22nd will be given a $0.50 dividend. The ex-dividend date is Thursday, September 21st. This represents a yield of 4.9%. Qifu Technology’s dividend payout ratio (DPR) is 17.75%.

Institutional Investors Weigh In On Qifu Technology

A number of institutional investors and hedge funds have recently modified their holdings of QFIN. Virginia Retirement Systems ET AL purchased a new position in shares of Qifu Technology in the second quarter worth approximately $261,000. First Beijing Investment Ltd purchased a new position in Qifu Technology during the 2nd quarter worth approximately $50,280,000. National Pension Service raised its stake in Qifu Technology by 34.5% during the 2nd quarter. National Pension Service now owns 37,800 shares of the company’s stock valued at $652,000 after purchasing an additional 9,700 shares during the period. Bayesian Capital Management LP acquired a new stake in shares of Qifu Technology in the second quarter worth $370,000. Finally, Capital Fund Management S.A. grew its holdings in shares of Qifu Technology by 90.0% during the second quarter. Capital Fund Management S.A. now owns 124,690 shares of the company’s stock valued at $2,155,000 after buying an additional 59,076 shares in the last quarter. 64.21% of the stock is owned by institutional investors and hedge funds.

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.