Qifu Technology (NASDAQ:QFIN) Sets New 1-Year High – Here’s Why

Qifu Technology, Inc. (NASDAQ:QFIN) shares hit a new 52-week high during trading on Friday . The stock traded as high as $44.00 and last traded at $43.51, with a volume of 320975 shares traded. The stock had previously closed at $42.49.

Analyst Ratings Changes

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

Qifu Technology Trading Up 0.7 %

The company has a market cap of $6.74 billion, a P/E ratio of 8.65, a price-to-earnings-growth ratio of 0.30 and a beta of 0.63. The firm has a 50-day moving average of $38.37 and a 200 day moving average of $31.58.

Institutional Investors Weigh In On Qifu Technology

A number of institutional investors and hedge funds have recently made changes to their positions in QFIN. Candriam S.C.A. purchased a new position in Qifu Technology in the fourth quarter valued at about $27,185,000. Robeco Institutional Asset Management B.V. grew its position in Qifu Technology by 66.9% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,369,278 shares of the company’s stock worth $40,818,000 after buying an additional 548,678 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Qifu Technology by 148.2% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 820,343 shares of the company’s stock valued at $24,454,000 after acquiring an additional 489,865 shares during the last quarter. Swedbank AB raised its position in shares of Qifu Technology by 156.0% during the 3rd quarter. Swedbank AB now owns 754,300 shares of the company’s stock valued at $22,486,000 after buying an additional 459,700 shares in the last quarter. Finally, NS Partners Ltd bought a new stake in shares of Qifu Technology during the 4th quarter worth $17,177,000. Institutional investors and hedge funds 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.