Qifu Technology (NASDAQ:QFIN) Stock Rating Lowered by Wall Street Zen

Qifu Technology (NASDAQ:QFIN) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Friday.

QFIN has been the topic of several other reports. Bank of America upped their price target on Qifu Technology from $50.66 to $52.70 and gave the company a “buy” rating in a research report on Wednesday, March 26th. JPMorgan Chase & Co. started coverage on shares of Qifu Technology in a research report on Wednesday, July 2nd. They issued an “overweight” rating and a $65.00 price objective on the stock.

Qifu Technology Price Performance

NASDAQ QFIN opened at $42.28 on Friday. The company has a market cap of $6.66 billion, a PE ratio of 6.48, a price-to-earnings-growth ratio of 0.52 and a beta of 0.48. Qifu Technology has a 52 week low of $18.13 and a 52 week high of $48.94. The company has a quick ratio of 3.08, a current ratio of 3.08 and a debt-to-equity ratio of 0.21. The firm’s 50-day simple moving average is $43.05 and its two-hundred day simple moving average is $41.53.

Qifu Technology (NASDAQ:QFIN) last released its quarterly earnings data on Monday, May 19th. The company reported $1.74 EPS for the quarter, beating the consensus estimate of $1.72 by $0.02. The business had revenue of $646.19 million for the quarter, compared to the consensus estimate of $4.61 billion. Qifu Technology had a net margin of 38.99% and a return on equity of 29.73%. Research analysts predict that Qifu Technology will post 5.71 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of QFIN. GeoWealth Management LLC bought a new position in Qifu Technology during the fourth quarter valued at approximately $26,000. SVB Wealth LLC purchased a new stake in shares of Qifu Technology during the first quarter valued at approximately $28,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Qifu Technology during the first quarter valued at approximately $29,000. Hoey Investments Inc. purchased a new stake in shares of Qifu Technology during the second quarter valued at approximately $33,000. Finally, Virtus Investment Advisers Inc. purchased a new stake in shares of Qifu Technology during the fourth quarter valued at approximately $61,000. 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.