Qifu Technology (NASDAQ:QFIN) Shares Gap Up – Here’s What Happened

Shares of Qifu Technology, Inc. (NASDAQ:QFIN) gapped up prior to trading on Thursday . The stock had previously closed at $36.54, but opened at $37.60. Qifu Technology shares last traded at $37.26, with a volume of 114,785 shares.

Wall Street Analyst Weigh In

Separately, Bank of America increased their target price 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

The business has a 50 day moving average of $41.55 and a two-hundred day moving average of $38.03. The firm has a market capitalization of $5.61 billion, a price-to-earnings ratio of 7.21, a P/E/G ratio of 0.32 and a beta of 0.53.

Qifu Technology (NASDAQ:QFIN) last issued its earnings results on Sunday, March 16th. The company reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.14. Qifu Technology had a return on equity of 24.39% and a net margin of 31.82%. The company had revenue of $613.89 million for the quarter, compared to analyst estimates of $581.67 million. On average, equities analysts predict that Qifu Technology, Inc. will post 5.71 EPS for the current fiscal year.

Qifu Technology Increases Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Monday, June 2nd. Stockholders of record on Wednesday, April 23rd will be given a dividend of $0.70 per share. The ex-dividend date is Wednesday, April 23rd. This is an increase from Qifu Technology’s previous semi-annual dividend of $0.60. This represents a dividend yield of 2.5%. Qifu Technology’s payout ratio is presently 23.79%.

Hedge Funds Weigh In On Qifu Technology

Several large investors have recently added to or reduced their stakes in QFIN. Yousif Capital Management LLC bought a new stake in Qifu Technology during the 1st quarter worth approximately $209,000. Myriad Asset Management US LP bought a new stake in Qifu Technology during the first quarter worth $2,314,000. Mackenzie Financial Corp raised its position in Qifu Technology by 48.6% in the 4th quarter. Mackenzie Financial Corp now owns 483,387 shares of the company’s stock valued at $18,552,000 after buying an additional 158,013 shares during the last quarter. GF Fund Management CO. LTD. bought a new position in Qifu Technology during the 4th quarter valued at $8,736,000. Finally, Public Employees Retirement System of Ohio boosted its holdings in Qifu Technology by 43.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 407,993 shares of the company’s stock worth $15,659,000 after acquiring an additional 123,292 shares during the last quarter. Institutional investors own 74.81% of the company’s stock.

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.