Qifu Technology (NASDAQ:QFIN) Trading 6% Higher – What’s Next?

Qifu Technology, Inc. (NASDAQ:QFIN)’s share price traded up 6% during mid-day trading on Tuesday . The stock traded as high as $40.87 and last traded at $40.72. 354,354 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 1,214,994 shares. The stock had previously closed at $38.42.

Wall Street Analysts Forecast Growth

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 Price Performance

The firm has a market capitalization of $6.42 billion, a PE ratio of 8.32, a price-to-earnings-growth ratio of 0.32 and a beta of 0.59. The company has a fifty day moving average of $40.21 and a 200-day moving average of $34.96.

Institutional Investors Weigh In On Qifu Technology

Several institutional investors have recently made changes to their positions in QFIN. Aspex Management HK Ltd grew its stake in Qifu Technology by 11.3% in the 4th quarter. Aspex Management HK Ltd now owns 6,371,808 shares of the company’s stock valued at $244,550,000 after buying an additional 648,088 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Qifu Technology by 11.9% in the fourth quarter. AQR Capital Management LLC now owns 2,432,131 shares of the company’s stock valued at $93,345,000 after purchasing an additional 258,586 shares during the last quarter. Alliancebernstein L.P. bought a new stake in shares of Qifu Technology during the 4th quarter worth about $92,150,000. State Street Corp grew its stake in Qifu Technology by 5.8% in the 3rd quarter. State Street Corp now owns 2,324,831 shares of the company’s stock valued at $70,637,000 after buying an additional 128,381 shares during the last quarter. Finally, Man Group plc raised its holdings in Qifu Technology by 10.4% in the 4th quarter. Man Group plc now owns 1,529,897 shares of the company’s stock valued at $58,717,000 after acquiring an additional 144,328 shares during the period. 74.81% of the stock is currently owned by institutional investors and hedge funds.

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.