Qifu Technology (NASDAQ:QFIN) Stock Price Down 5.3% – Here’s Why

Qifu Technology, Inc. (NASDAQ:QFIN)’s share price traded down 5.3% on Monday . The company traded as low as $35.91 and last traded at $36.10. 1,175,584 shares changed hands during trading, a decline of 10% from the average session volume of 1,309,777 shares. The stock had previously closed at $38.11.

Analyst Upgrades and Downgrades

Separately, Citigroup lifted their price target on shares of Qifu Technology from $31.44 to $37.50 and gave the stock a “buy” rating in a research note on Thursday, November 21st.

Qifu Technology Price Performance

The business’s 50 day moving average price is $32.93 and its 200-day moving average price is $25.59. The firm has a market capitalization of $5.88 billion, a price-to-earnings ratio of 7.28, a price-to-earnings-growth ratio of 0.30 and a beta of 0.64.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Natixis Advisors LLC purchased a new stake in shares of Qifu Technology in the third quarter worth about $654,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Qifu Technology by 148.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 820,343 shares of the company’s stock worth $24,454,000 after purchasing an additional 489,865 shares during the last quarter. AQR Capital Management LLC acquired a new stake in Qifu Technology during the second quarter worth about $25,560,000. Point72 Hong Kong Ltd raised its position in shares of Qifu Technology by 443.0% during the 3rd quarter. Point72 Hong Kong Ltd now owns 535,498 shares of the company’s stock worth $15,963,000 after purchasing an additional 436,882 shares during the period. Finally, Hsbc Holdings PLC boosted its holdings in shares of Qifu Technology by 9.8% during the second quarter. Hsbc Holdings PLC now owns 424,904 shares of the company’s stock valued at $8,377,000 after acquiring an additional 37,948 shares during the period. 74.81% of the stock is currently owned by hedge funds and other 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.