E Fund Management Co. Ltd. boosted its position in Qifu Technology, Inc. (NASDAQ:QFIN – Free Report) by 20.6% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 905,032 shares of the company’s stock after purchasing an additional 154,642 shares during the period. Qifu Technology makes up approximately 1.2% of E Fund Management Co. Ltd.’s holdings, making the stock its 19th largest holding. E Fund Management Co. Ltd.’s holdings in Qifu Technology were worth $15,639,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in QFIN. Morgan Stanley grew its stake in Qifu Technology by 2.1% in the 4th quarter. Morgan Stanley now owns 7,715,149 shares of the company’s stock valued at $157,080,000 after buying an additional 161,496 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Qifu Technology by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 4,975,876 shares of the company’s stock worth $76,579,000 after purchasing an additional 126,007 shares in the last quarter. Yunqi Capital Ltd boosted its stake in Qifu Technology by 4.7% in the 2nd quarter. Yunqi Capital Ltd now owns 4,170,464 shares of the company’s stock worth $72,066,000 after purchasing an additional 186,536 shares during the period. BlackRock Inc. grew its holdings in Qifu Technology by 3.8% during the 3rd quarter. BlackRock Inc. now owns 4,159,482 shares of the company’s stock valued at $53,323,000 after buying an additional 151,973 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Qifu Technology during the fourth quarter valued at about $48,862,000. 64.21% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Separately, CLSA decreased their target price on shares of Qifu Technology from $27.80 to $25.90 in a report on Friday, September 1st.
Qifu Technology Price Performance
QFIN stock traded down $0.52 during mid-day trading on Tuesday, hitting $16.44. 1,023,803 shares of the stock were exchanged, compared to its average volume of 914,815. The stock has a market capitalization of $2.65 billion, a price-to-earnings ratio of 4.78, a PEG ratio of 0.41 and a beta of 0.54. Qifu Technology, Inc. has a 12 month low of $12.90 and a 12 month high of $25.49. The business has a fifty day moving average price of $15.45 and a 200 day moving average price of $16.36.
Qifu Technology (NASDAQ:QFIN – Get Free Report) last issued its earnings results on Monday, August 21st. The company reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.05). The firm had revenue of $539.81 million during the quarter, compared to analysts’ expectations of $553.01 million. Qifu Technology had a return on equity of 20.14% and a net margin of 25.72%. As a group, equities analysts forecast that Qifu Technology, Inc. will post 3.66 EPS for the current fiscal year.
Qifu Technology 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.
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