Mirae Asset Global Investments Reduces Holdings in Qifu Technology, Inc.

In a recent update, Mirae Asset Global Investments Co. Ltd. has significantly reduced its stake in Qifu Technology, Inc. (NASDAQ:QFIN). According to the latest Form 13F filing with the Securities and Exchange Commission, the firm decreased its position by 55.4% during the fourth quarter of the year. Following the sale of 23,258 shares, Mirae Asset now holds 18,716 shares of the company. The value of these holdings amounted to approximately $716,000 at the end of the reporting period.

Other hedge funds have also made changes to their holdings in Qifu Technology. For instance, Wilmington Savings Fund Society FSB acquired a new stake in the company during the third quarter, investing about $30,000. Following that, Point72 DIFC Ltd also bought shares worth roughly $43,000 in the same quarter. BOCHK Asset Management Ltd entered the fourth quarter with an investment of around $46,000 in Qifu Technology. Moreover, Venturi Wealth Management LLC purchased shares in the third quarter, amounting to approximately $54,000. Notably, Point72 Asia Singapore Pte. Ltd. increased its stake drastically by 474.7% during the third quarter. They currently own 5,293 shares worth $158,000 after acquiring an additional 4,372 shares in that period. Institutional investors and hedge funds account for 74.81% of the total ownership of Qifu Technology.

Qifu Technology's Stock Performance

The stock of Qifu Technology opened at $43.00 on Thursday. The firm is valued at a market cap of $6.78 billion, with a price-to-earnings (PE) ratio of 8.70. The company also has a price-to-earnings-growth (PEG) ratio of 0.32 and a beta of 0.63. Its performance indicators show a 50-day moving average of $38.72 and a 200-day moving average of $32.24, with shares hitting a 1-year low of $14.72 and a high of $44.00.

Analyst Ratings and Insights

Recently, Citigroup adjusted its target price for Qifu Technology, raising it from $31.44 to $37.50, and designated the stock with a 'buy' rating in a research note dated November 21st.

For more detailed analysis and stock information about Qifu Technology, one can explore various investment resources.

About Qifu Technology

Qifu Technology, Inc. operates through its subsidiaries in the People's Republic of China, running a credit-tech platform under the 360 Jietiao brand. The company specializes in providing credit-driven services that connect borrowers with financial institutions. Their offerings include customer acquisition, initial credit screening, advanced risk assessments, and fund matching services, as well as risk management software-as-a-service.

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