Qifu Technology, Inc. (NASDAQ:QFIN) Sees Notable Reduction in Short Interest

Qifu Technology, Inc. (NASDAQ:QFIN) experienced a significant decline in short interest during December. As of December 15th, the short interest was recorded at 2,410,000 shares. This marks a decrease of 17.7% from the previous short interest figure of 2,930,000 shares reported on November 30th. With an average daily trading volume of 1,690,000 shares, the current short-interest ratio stands at 1.4 days.

Recent Activities by Institutional Investors

Institutional investors have been active in adjusting their holdings in Qifu Technology. During the third quarter, Wilmington Savings Fund Society FSB bought a new stake valued at approximately $30,000. Ashton Thomas Private Wealth LLC also acquired a new position during the second quarter for about $31,000. In further moves, USA Financial Formulas purchased shares worth around $41,000, while Point72 DIFC Ltd added a stake valued at roughly $43,000. Venturi Wealth Management LLC also joined in, investing about $54,000 during the third quarter. Collectively, institutional investors own about 74.81% of Qifu's total stock.

Stock Performance Updates

On a recent trading day, shares of NASDAQ:QFIN saw a slight decrease of 0.2%, closing down at $38.18. The trading volume for the day was 652,469 shares, which is below the company’s average of 1,322,235 shares. The company's market capitalization sits at $6.16 billion, with a price-to-earnings (PE) ratio of 7.73, a price/earnings to growth (PEG) ratio of 0.33, and a beta of 0.64. Over the past year, Qifu Technology’s stock has traded between a low of $13.71 and a high of $40.31. Currently, the 50-day moving average is at $35.27, while the 200-day moving average is at $27.82.

Analyst Ratings and Price Targets

In related news, Citigroup has adjusted its price target for Qifu Technology from $31.44 to $37.50, maintaining a "buy" recommendation for the stock in a research note published on November 21st.

Overview of Qifu Technology

Qifu Technology, Inc. operates a credit technology platform known as 360 Jietiao in the People’s Republic of China. The company specializes in providing credit-driven services, linking borrowers with financial institutions. These services include customer acquisition, credit screening, risk assessments, fund matching, and other related services. Qifu also offers platform solutions covering loan facilitation and post-facilitation services using intelligent credit engines, referral services, and risk management software-as-a-service.

Qifu, Investors, Stock