Qifu Technology (NASDAQ:QFIN) Shares Down 4.2% - What's Next?

Qifu Technology, Inc. (NASDAQ:QFIN) experienced a decline of 4.2% in trading on Friday. The stock price fell to a low of $40.33 and was last seen at $40.40. In total, 178,117 shares changed hands during this trading session, indicating a substantial drop of 81% compared to the average trading volume of 956,621 shares. It had wrapped up the previous trading day at $42.19.

Market analysts have recently shared their insights regarding Qifu Technology. In a report issued by Citigroup on November 21st, the firm raised its price target for Qifu Technology from $31.44 to $37.50 and designated it as a "buy" recommendation.

Current Market Standings

At present, Qifu Technology has a market capitalization of $6.27 billion, alongside a price-to-earnings (P/E) ratio of 8.06 and a P/E to growth (P/E/G) ratio of 0.31, with a beta of 0.64. The stock has maintained a fifty-day moving average of $37.76, while its 200-day moving average stands at $30.77.

Institutional Investment Activity

Several institutional investors have made recent adjustments to their holdings in Qifu Technology. In the fourth quarter, Truist Financial Corp made a new investment worth $231,000 in Qifu Technology. Rhumbline Advisers increased its stake in Qifu Technology by 36.8%, now holding 24,988 shares valued at $959,000 after acquiring an additional 6,721 shares. Similarly, Asset Management One Co. Ltd. boosted its ownership by 66.8% during the same period, now holding 32,873 shares worth $1,255,000 after buying 13,170 more shares. Additionally, Lester Murray Antman dba SimplyRich enhanced its holdings by 5.7%, owning 14,288 shares valued at $548,000 after purchasing 768 extra shares. Lastly, Advisors Preferred LLC invested approximately $41,000 in Qifu Technology during the fourth quarter. Notably, institutional investors and hedge funds collectively own 74.81% of Qifu Technology's shares.

About Qifu Technology

Qifu Technology, Inc. operates a credit technology platform under the brand 360 Jietiao in China. It offers a range of credit-driven services aiming to match borrowers with financial institutions. These services include customer acquisition, initial credit screening, advanced risk assessment, credit evaluation, fund matching, and various post-facilitation services. The company also provides platform services that involve loan facilitation along with post-facilitation services to financial institution partners leveraging intelligence credit engines, referral services, and risk management software-as-a-service.

Investment Considerations

As you think about the possibility of investing $1,000 in Qifu Technology, it's critical to consider the perspectives of top analysts. Market insights indicate there are other stocks recommended by leading analysts that may present better buying opportunities than Qifu Technology right now. Engaging with these alternatives could be more fruitful for investors looking for high potential returns.

With the current developments and fluctuations in Qifu Technology's trading status, investors should remain cautious and vigilant about market trends and analyst outlooks before making any decisions.

Qifu, Technology, Trading