360 DigiTech (NASDAQ:QFIN) Shares Gap Down to $16.40

360 DigiTech, Inc. (NASDAQ:QFINGet Rating) shares gapped down before the market opened on Wednesday . The stock had previously closed at $16.40, but opened at $15.61. 360 DigiTech shares last traded at $15.02, with a volume of 7,402 shares changing hands.

Wall Street Analyst Weigh In

Separately, China Renaissance reiterated a “buy” rating and set a $20.80 price objective on shares of 360 DigiTech in a report on Thursday, September 29th.

360 DigiTech Stock Performance

The firm has a market cap of $2.34 billion, a P/E ratio of 3.62 and a beta of 0.30. The firm’s fifty day moving average price is $13.23 and its 200 day moving average price is $14.35.

360 DigiTech (NASDAQ:QFINGet Rating) last posted its quarterly earnings results on Thursday, August 18th. The company reported $0.92 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.07). 360 DigiTech had a net margin of 26.31% and a return on equity of 27.25%. The business had revenue of $624.54 million during the quarter, compared to the consensus estimate of $659.49 million. During the same quarter in the prior year, the firm posted $1.48 EPS. As a group, analysts expect that 360 DigiTech, Inc. will post 3.9 earnings per share for the current fiscal year.

360 DigiTech Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 18th. Stockholders of record on Monday, December 12th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date is Friday, December 9th. 360 DigiTech’s payout ratio is currently 16.04%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Ronald Blue Trust Inc. grew its position in shares of 360 DigiTech by 147.9% in the 3rd quarter. Ronald Blue Trust Inc. now owns 1,512 shares of the company’s stock worth $26,000 after buying an additional 902 shares during the last quarter. Quadrant Capital Group LLC grew its position in shares of 360 DigiTech by 234.1% in the 3rd quarter. Quadrant Capital Group LLC now owns 3,381 shares of the company’s stock worth $43,000 after buying an additional 2,369 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of 360 DigiTech by 164.5% in the 3rd quarter. Tower Research Capital LLC TRC now owns 5,203 shares of the company’s stock worth $67,000 after buying an additional 3,236 shares during the last quarter. US Bancorp DE grew its position in shares of 360 DigiTech by 45.8% in the 3rd quarter. US Bancorp DE now owns 5,533 shares of the company’s stock worth $71,000 after buying an additional 1,738 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in 360 DigiTech during the 2nd quarter worth approximately $84,000. Hedge funds and other institutional investors own 58.73% of the company’s stock.

360 DigiTech Company Profile

(Get Rating)

360 DigiTech, Inc, through its subsidiaries, operates financial technology platform under the 360 Jietiao brand in the People's Republic of China. The company provides credit-driven services that matches borrowers with financial institution partners enabling financial institution partners to conduct customer acquisition, initial credit screening, advanced risk assessment, collection, 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.

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