Short Interest in Qifu Technology, Inc. (NASDAQ:QFIN) Increases By 23.2%

Qifu Technology, Inc. (NASDAQ:QFINGet Free Report) saw a large increase in short interest in March. As of March 15th, there was short interest totalling 4,520,000 shares, an increase of 23.2% from the February 29th total of 3,670,000 shares. Based on an average trading volume of 1,080,000 shares, the days-to-cover ratio is currently 4.2 days.

Analyst Upgrades and Downgrades

QFIN has been the subject of a number of research analyst reports. Nomura assumed coverage on shares of Qifu Technology in a research report on Monday, December 18th. They issued a “buy” rating for the company. Citigroup increased their target price on shares of Qifu Technology from $23.54 to $23.80 and gave the stock a “buy” rating in a research report on Thursday, March 14th.

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Hedge Funds Weigh In On Qifu Technology

A number of hedge funds have recently added to or reduced their stakes in QFIN. Morgan Stanley grew its position in Qifu Technology by 2.1% in the fourth quarter. Morgan Stanley now owns 7,715,149 shares of the company’s stock worth $157,080,000 after acquiring an additional 161,496 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Qifu Technology by 2.6% in the first 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. BlackRock Inc. boosted its holdings in Qifu Technology by 3.8% in the third quarter. BlackRock Inc. now owns 4,159,482 shares of the company’s stock worth $53,323,000 after purchasing an additional 151,973 shares in the last quarter. First Beijing Investment Ltd acquired a new position in Qifu Technology during the second quarter worth $50,280,000. Finally, Tiger Pacific Capital LP raised its holdings in Qifu Technology by 10.0% during the fourth quarter. Tiger Pacific Capital LP now owns 2,870,710 shares of the company’s stock valued at $45,415,000 after buying an additional 260,306 shares in the last quarter. Institutional investors and hedge funds own 74.81% of the company’s stock.

Qifu Technology Price Performance

Shares of NASDAQ QFIN opened at $18.43 on Monday. Qifu Technology has a one year low of $13.12 and a one year high of $20.40. The business’s 50-day moving average price is $15.94 and its two-hundred day moving average price is $15.51. The company has a market capitalization of $2.97 billion, a P/E ratio of 5.04, a price-to-earnings-growth ratio of 0.43 and a beta of 0.62.

Qifu Technology Increases Dividend

The company also recently declared 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 is a boost from Qifu Technology’s previous semi-annual dividend of $0.50. The ex-dividend date of this dividend is Friday, April 12th. This represents a dividend yield of 5.7%. Qifu Technology’s payout ratio is presently 26.78%.

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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