Qifu Technology (NASDAQ:QFIN) Stock Rating Lowered by Wall Street Zen

Qifu Technology (NASDAQ:QFIN) was downgraded by analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Sunday.

Separately, Bank of America boosted their price objective on shares of Qifu Technology from $50.66 to $52.70 and gave the stock a “buy” rating in a research note on Wednesday, March 26th.

Qifu Technology Stock Performance

Qifu Technology stock opened at $40.94 on Friday. Qifu Technology has a fifty-two week low of $18.13 and a fifty-two week high of $48.94. The stock has a market cap of $6.45 billion, a price-to-earnings ratio of 8.29, a PEG ratio of 0.32 and a beta of 0.53. The stock’s 50 day simple moving average is $41.15 and its two-hundred day simple moving average is $40.18.

Qifu Technology (NASDAQ:QFIN) last released its quarterly earnings results on Monday, May 19th. The company reported $1.74 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.02. Qifu Technology had a return on equity of 24.39% and a net margin of 31.82%. The company had revenue of $646.19 million for the quarter, compared to analyst estimates of $4.61 billion. On average, analysts predict that Qifu Technology will post 5.71 earnings per share for the current year.

Institutional Investors Weigh In On Qifu Technology

Hedge funds have recently added to or reduced their stakes in the stock. GeoWealth Management LLC bought a new position in Qifu Technology in the 4th quarter worth about $26,000. SVB Wealth LLC bought a new position in Qifu Technology in the 1st quarter worth about $28,000. Jones Financial Companies Lllp bought a new position in Qifu Technology in the 4th quarter worth about $29,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Qifu Technology in the first quarter worth approximately $29,000. Finally, Advisors Preferred LLC bought a new position in shares of Qifu Technology in the fourth quarter worth approximately $41,000. 74.81% of the stock is owned by institutional investors.

Qifu Technology Company 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.