Qifu Technology (NASDAQ:QFIN) Stock Price Expected to Rise, Bank of America Analyst Says

Qifu Technology (NASDAQ:QFIN) had its target price hoisted by stock analysts at Bank of America from $50.66 to $52.70 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price target indicates a potential upside of 10.72% from the company’s current price.

Qifu Technology Trading Up 7.6 %

Shares of Qifu Technology stock traded up $3.37 during mid-day trading on Wednesday, hitting $47.60. 2,744,638 shares of the stock were exchanged, compared to its average volume of 1,333,770. The stock has a market capitalization of $7.50 billion, a price-to-earnings ratio of 9.63, a price-to-earnings-growth ratio of 0.32 and a beta of 0.59. The company has a 50-day simple moving average of $41.69 and a 200 day simple moving average of $36.40. Qifu Technology has a twelve month low of $17.76 and a twelve month high of $48.81.

Qifu Technology (NASDAQ:QFIN) last posted its quarterly earnings data on Sunday, March 16th. The company reported $1.82 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.14. The company had revenue of $613.89 million during the quarter, compared to the consensus estimate of $581.67 million. Qifu Technology had a net margin of 31.82% and a return on equity of 24.39%. Equities research analysts forecast that Qifu Technology will post 5.71 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Qifu Technology

A number of institutional investors have recently made changes to their positions in the company. Natixis Advisors LLC bought a new stake in Qifu Technology during the third quarter valued at $654,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Qifu Technology by 5.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 136,368 shares of the company’s stock valued at $4,065,000 after acquiring an additional 7,196 shares during the period. Daiwa Securities Group Inc. boosted its position in shares of Qifu Technology by 18.6% during the third quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock worth $361,000 after buying an additional 1,900 shares during the period. BNP Paribas Financial Markets boosted its position in Qifu Technology by 53.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 370,467 shares of the company’s stock worth $11,044,000 after acquiring an additional 128,789 shares during the period. Finally, Bridgewater Associates LP lifted its holdings in Qifu Technology by 2.2% in the third quarter. Bridgewater Associates LP now owns 132,898 shares of the company’s stock worth $3,962,000 after purchasing an additional 2,881 shares during the period. 74.81% of the stock is currently 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.