Qifu Technology (NASDAQ:QFIN) Shares Gap Down to $18.96

Qifu Technology, Inc. (NASDAQ:QFINGet Free Report)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $18.96, but opened at $18.54. Qifu Technology shares last traded at $18.86, with a volume of 252,453 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on QFIN shares. Nomura started coverage on shares of Qifu Technology in a research note on Monday, December 18th. They set a “buy” rating for the company. Citigroup lifted their target price on shares of Qifu Technology from $23.54 to $23.80 and gave the company a “buy” rating in a research note on Thursday, March 14th.

View Our Latest Stock Report on QFIN

Qifu Technology Stock Performance

The business’s 50 day simple moving average is $15.71 and its 200-day simple moving average is $15.45. The company has a market cap of $2.99 billion, a price-to-earnings ratio of 5.06, a price-to-earnings-growth ratio of 0.43 and a beta of 0.60.

Qifu Technology Increases Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Friday, May 24th. Investors of record on Monday, April 15th will be paid a $0.57 dividend. This represents a dividend yield of 5.7%. The ex-dividend date of this dividend is Friday, April 12th. This is a positive change from Qifu Technology’s previous semi-annual dividend of $0.50. Qifu Technology’s payout ratio is presently 26.78%.

Institutional Investors Weigh In On Qifu Technology

Several institutional investors and hedge funds have recently modified their holdings of the business. Morgan Stanley lifted its stake in shares of 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 purchasing an additional 161,496 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Qifu Technology by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 4,975,876 shares of the company’s stock valued at $76,579,000 after purchasing an additional 126,007 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Qifu Technology by 3.8% in the 3rd quarter. BlackRock Inc. now owns 4,159,482 shares of the company’s stock valued at $53,323,000 after purchasing an additional 151,973 shares during the last quarter. First Beijing Investment Ltd acquired a new stake in shares of Qifu Technology in the 2nd quarter valued at $50,280,000. Finally, Tiger Pacific Capital LP lifted its stake in shares of Qifu Technology by 10.0% in the 4th quarter. Tiger Pacific Capital LP now owns 2,870,710 shares of the company’s stock valued at $45,415,000 after purchasing an additional 260,306 shares during the last quarter. Institutional investors and hedge funds own 74.81% of the company’s stock.

Qifu Technology Company Profile

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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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