Qifu Technology (NASDAQ:QFIN) Rating Lowered to Buy at Wall Street Zen

Qifu Technology (NASDAQ:QFIN) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report released on Sunday.

Separately, Bank of America upped their target price on shares of Qifu Technology from $50.66 to $52.70 and gave the company a “buy” rating in a research note on Wednesday, March 26th.

Qifu Technology Price Performance

Shares of NASDAQ:QFIN opened at $40.94 on Friday. The company has a market cap of $6.45 billion, a P/E ratio of 8.29, a PEG ratio of 0.32 and a beta of 0.53. Qifu Technology has a 1 year low of $18.13 and a 1 year high of $48.94. The stock’s fifty day moving average price is $41.15 and its 200-day moving average price is $40.18.

Qifu Technology (NASDAQ:QFIN) last announced its quarterly earnings results on Monday, May 19th. The company reported $1.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.02. The firm had revenue of $646.19 million for the quarter, compared to the consensus estimate of $4.61 billion. Qifu Technology had a return on equity of 24.39% and a net margin of 31.82%. On average, sell-side analysts anticipate that Qifu Technology will post 5.71 earnings per share for the current year.

Hedge Funds Weigh In On Qifu Technology

Several hedge funds and other institutional investors have recently modified their holdings of the company. SVB Wealth LLC bought a new position in Qifu Technology in the first quarter valued at about $28,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Qifu Technology in the first quarter valued at about $29,000. GeoWealth Management LLC bought a new position in Qifu Technology in the fourth quarter valued at about $26,000. Jones Financial Companies Lllp bought a new position in shares of Qifu Technology in the 4th quarter worth approximately $29,000. Finally, Advisors Preferred LLC bought a new position in shares of Qifu Technology in the 4th quarter worth approximately $41,000. 74.81% of the stock is owned by 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.