Qifu Technology (NASDAQ:QFIN) Sets New 52-Week High – Still a Buy?

Qifu Technology, Inc. (NASDAQ:QFIN)’s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $40.31 and last traded at $40.57, with a volume of 363849 shares changing hands. The stock had previously closed at $39.93.

Analyst Ratings Changes

Separately, Citigroup raised their price target on Qifu Technology from $31.44 to $37.50 and gave the company a “buy” rating in a report on Thursday, November 21st.

Qifu Technology Price Performance

The company has a market cap of $6.42 billion, a PE ratio of 8.26, a price-to-earnings-growth ratio of 0.30 and a beta of 0.64. The company has a 50-day moving average of $37.29 and a 200 day moving average of $30.40.

Institutional Trading of Qifu Technology

A number of hedge funds have recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB purchased a new position in shares of Qifu Technology in the third quarter worth about $30,000. BOCHK Asset Management Ltd purchased a new position in Qifu Technology during the fourth quarter worth about $46,000. USA Financial Formulas purchased a new stake in shares of Qifu Technology during the third quarter worth $41,000. Point72 DIFC Ltd purchased a new stake in Qifu Technology during the 3rd quarter worth about $43,000. Finally, Venturi Wealth Management LLC acquired a new stake in shares of Qifu Technology in the third quarter valued at approximately $54,000. 74.81% of the stock is owned by hedge funds and other institutional investors.

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.