Qifu Technology (NASDAQ:QFIN) Hits New 52-Week High – What’s Next?

Qifu Technology, Inc. (NASDAQ:QFIN) shares hit a new 52-week high during trading on Friday . The stock traded as high as $34.95 and last traded at $34.85, with a volume of 681672 shares changing hands. The stock had previously closed at $33.46.

Qifu Technology Stock Performance

The firm has a fifty day moving average price of $28.23 and a 200 day moving average price of $22.71. The stock has a market cap of $5.60 billion, a PE ratio of 9.06, a price-to-earnings-growth ratio of 0.47 and a beta of 0.62.

Qifu Technology (NASDAQ:QFIN) last released its quarterly earnings results on Tuesday, August 13th. The company reported $1.22 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 during the quarter, compared to analysts’ expectations of $582.69 million. On average, equities research analysts forecast that Qifu Technology, Inc. will post 5.08 earnings per share for the current year.

Qifu Technology Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, September 27th will be given a dividend of $0.60 per share. This represents a yield of 4.7%. The ex-dividend date is Friday, September 27th. This is an increase from Qifu Technology’s previous semi-annual dividend of $0.57. Qifu Technology’s payout ratio is currently 30.57%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Qifu Technology by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 4,651,879 shares of the company’s stock valued at $85,734,000 after acquiring an additional 30,522 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Qifu Technology by 5.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,193,893 shares of the company’s stock valued at $43,262,000 after purchasing an additional 109,809 shares during the period. AQR Capital Management LLC purchased a new position in shares of Qifu Technology in the second quarter worth about $25,560,000. Acadian Asset Management LLC lifted its holdings in shares of Qifu Technology by 1,789.1% during the second quarter. Acadian Asset Management LLC now owns 1,240,489 shares of the company’s stock worth $24,450,000 after purchasing an additional 1,174,824 shares during the period. Finally, Millennium Management LLC boosted its position in Qifu Technology by 35.5% in the second quarter. Millennium Management LLC now owns 1,198,882 shares of the company’s stock valued at $23,654,000 after buying an additional 314,323 shares during the last quarter. Hedge funds and other institutional investors 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.