Qifu Technology (NASDAQ:QFIN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Qifu Technology (NASDAQ:QFIN) from a buy rating to a strong-buy rating in a report released on Saturday morning.

Separately, Bank of America raised 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 $42.52 on Friday. The company has a 50 day moving average price of $41.58 and a 200 day moving average price of $39.67. Qifu Technology has a 52 week low of $18.13 and a 52 week high of $48.94. The firm has a market capitalization of $6.70 billion, a price-to-earnings ratio of 8.61, a P/E/G ratio of 0.32 and a beta of 0.53.

Qifu Technology (NASDAQ:QFIN) last posted its quarterly earnings data on Monday, May 19th. The company reported $1.74 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.02. Qifu Technology had a net margin of 31.82% and a return on equity of 24.39%. The firm had revenue of $646.19 million during the quarter, compared to analyst estimates of $4.61 billion. Equities analysts forecast that Qifu Technology will post 5.71 earnings per share for the current fiscal year.

Qifu Technology Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Monday, June 2nd. Shareholders of record on Wednesday, April 23rd will be given a $0.70 dividend. This is an increase from Qifu Technology’s previous semi-annual dividend of $0.60. The ex-dividend date is Wednesday, April 23rd. This represents a yield of 2.5%. Qifu Technology’s dividend payout ratio is presently 21.17%.

Institutional Investors Weigh In On Qifu Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SVB Wealth LLC purchased a new stake in Qifu Technology in the 1st quarter worth approximately $28,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Qifu Technology in the 1st quarter worth approximately $29,000. GeoWealth Management LLC purchased a new stake in Qifu Technology in the 4th quarter worth approximately $26,000. Jones Financial Companies Lllp purchased a new stake in Qifu Technology in the 4th quarter worth approximately $29,000. Finally, Advisors Preferred LLC purchased a new stake in Qifu Technology in the 4th quarter worth approximately $41,000. Hedge funds and other institutional investors own 74.81% of the company’s stock.

About Qifu Technology

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.