Qifu Technology (NASDAQ:QFIN) Shares Up 5.1% – Here’s Why

Qifu Technology, Inc. (NASDAQ:QFIN)’s stock price traded up 5.1% during trading on Friday . The company traded as high as $30.86 and last traded at $30.86. 543,833 shares were traded during mid-day trading, a decline of 58% from the average session volume of 1,293,261 shares. The stock had previously closed at $29.37.

Qifu Technology Price Performance

The company has a market capitalization of $4.96 billion, a price-to-earnings ratio of 7.06, a PEG ratio of 0.41 and a beta of 0.61. The company’s 50-day moving average price is $30.31 and its two-hundred day moving average price is $24.12.

Qifu Technology (NASDAQ:QFIN) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.23. Qifu Technology had a return on equity of 21.82% and a net margin of 28.06%. The company had revenue of $572.44 million for the quarter, compared to the consensus estimate of $582.69 million. On average, equities research analysts expect that Qifu Technology, Inc. will post 5.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Qifu Technology

A number of large investors have recently bought and sold shares of QFIN. Ashton Thomas Private Wealth LLC acquired a new position in shares of Qifu Technology during the second quarter valued at about $31,000. Blue Trust Inc. boosted its holdings in Qifu Technology by 598.4% in the second quarter. Blue Trust Inc. now owns 1,732 shares of the company’s stock worth $32,000 after acquiring an additional 1,484 shares in the last quarter. USA Financial Formulas acquired a new stake in Qifu Technology in the 3rd quarter valued at $41,000. Point72 DIFC Ltd acquired a new position in shares of Qifu Technology during the third quarter valued at about $43,000. Finally, Venturi Wealth Management LLC acquired a new position in Qifu Technology during the 3rd quarter valued at about $54,000. 74.81% of the stock is currently owned by institutional investors and hedge funds.

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.