Qifu Technology (NASDAQ:QFIN) Sets New 12-Month High - Here's Why

Qifu Technology, Inc. (NASDAQ:QFIN) recently achieved a new one-year high during the trading session on Friday. The company's shares peaked at $48.94 and were last seen trading at $48.12, with a robust trading volume of 3,911,724 shares. The stock had wrapped up the previous day at $46.37.

Analysts Share Insights

In a separate development, Bank of America raised its price target for Qifu Technology from $50.66 to $52.70, reaffirming a "buy" rating on the stock.

Qifu Technology Stock Performance

The stock has surged by approximately 3.8%. With a market capitalization of $7.58 billion, Qifu's price-to-earnings (P/E) ratio stands at 9.74 and its P/E/G ratio is 0.32, showcasing its potential for growth. The stock's beta is 0.59, indicating lower volatility compared to the overall market. Additionally, the 50-day moving average price for the stock is $42.11, while the 200-day moving average price is $36.55.

Quarterly Earnings Report

Qifu Technology recently published its quarterly earnings on March 16. The company recorded earnings per share (EPS) of $1.82, surpassing the consensus estimate of $1.68 by $0.14. The company's revenue for the quarter was reported at $613.89 million, exceeding analyst expectations of $581.67 million. Moreover, Qifu Technology achieved a return on equity of 24.39% and maintained a net margin of 31.82%. Analysts are forecasting an EPS of 5.71 for the current fiscal year.

Dividend Increase Announcement

The company also announced an upcoming semi-annual dividend that will be distributed on June 2. Shareholders recorded as of April 23 will receive a $0.70 dividend. This marks an increase from the previous semi-annual dividend of $0.60 and corresponds to a dividend yield of 2.5%. The company's dividend payout ratio is reported to be 23.79%.

Changes in Institutional Holdings

Several institutional investors have recently adjusted their stakes in QFIN. For instance, Wrapmanager Inc. increased its holdings by 4.1%, owning 7,554 shares now valued at $290,000 after acquiring an additional 296 shares. Global Retirement Partners LLC raised its stake by 80.2%, now owning 1,164 shares valued at $45,000 after buying 518 extra shares. Likewise, DGS Capital Management LLC grew its stake by 5.9%, owning 11,413 shares worth $438,000 after acquiring 631 more shares recently. Other investors include GeoWealth Management LLC and Jones Financial Companies Lllp, who have entered new positions valued at $26,000 and $29,000 respectively. Currently, institutional investors and hedge funds hold around 74.81% of Qifu Technology's stock.

About Qifu Technology

Qifu Technology, Inc. operates a credit-tech platform under the 360 Jietiao brand in the People's Republic of China. The firm specializes in providing credit-driven services by connecting borrowers with financial institutions for customer acquisition, credit screening, advanced risk assessment, credit evaluation, fund matching, and related services. In addition, it offers platform services that include loan facilitation and post-facilitation support for financial institution partners.

Qifu, Finance, Stocks