Qfin (NASDAQ:QFIN) Downgraded by JPMorgan Chase & Co. to Neutral

Qfin (NASDAQ:QFIN) was downgraded by equities research analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued on Wednesday, Marketbeat Ratings reports. They presently have a $21.00 price target on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 6.78% from the company’s previous close.

QFIN has been the topic of several other reports. Wall Street Zen lowered shares of Qfin from a “buy” rating to a “hold” rating in a report on Friday, August 22nd. Weiss Ratings cut Qfin from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Finally, Zacks Research downgraded Qfin from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $37.07.

Qfin Trading Down 12.3%

Shares of NASDAQ:QFIN opened at $19.67 on Wednesday. The company has a market capitalization of $2.79 billion, a PE ratio of 2.77, a P/E/G ratio of 0.23 and a beta of 0.39. The company has a current ratio of 3.48, a quick ratio of 3.48 and a debt-to-equity ratio of 0.20. Qfin has a 12-month low of $18.66 and a 12-month high of $48.94. The business’s fifty day simple moving average is $26.50 and its 200-day simple moving average is $34.47.

Qfin (NASDAQ:QFIN) last released its quarterly earnings results on Tuesday, November 18th. The company reported $1.52 earnings per share for the quarter, missing analysts’ consensus estimates of $1.68 by ($0.16). The firm had revenue of $731.04 million during the quarter, compared to the consensus estimate of $693.21 million. Qfin had a net margin of 38.66% and a return on equity of 30.74%. As a group, equities research analysts predict that Qfin will post 5.71 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Qfin

A number of large investors have recently made changes to their positions in QFIN. SVB Wealth LLC purchased a new position in Qfin in the 1st quarter worth $28,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Qfin in the first quarter valued at about $29,000. Hantz Financial Services Inc. increased its holdings in shares of Qfin by 472.9% in the second quarter. Hantz Financial Services Inc. now owns 739 shares of the company’s stock valued at $32,000 after purchasing an additional 610 shares during the period. Hoey Investments Inc. purchased a new position in shares of Qfin in the second quarter worth about $33,000. Finally, iA Global Asset Management Inc. lifted its holdings in shares of Qfin by 250.2% during the second quarter. iA Global Asset Management Inc. now owns 823 shares of the company’s stock worth $36,000 after purchasing an additional 588 shares during the period. 74.81% of the stock is owned by hedge funds and other institutional investors.

Qfin 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.