Matthews International Capital Management LLC Makes New Investment in Qifu Technology, Inc. (NASDAQ:QFIN)

Matthews International Capital Management LLC bought a new position in shares of Qifu Technology, Inc. (NASDAQ:QFIN) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 89,616 shares of the company’s stock, valued at approximately $4,025,000. Qifu Technology comprises 0.8% of Matthews International Capital Management LLC’s holdings, making the stock its 23rd biggest position. Matthews International Capital Management LLC owned about 0.06% of Qifu Technology at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Alliancebernstein L.P. acquired a new position in shares of Qifu Technology during the 4th quarter valued at about $92,150,000. Norges Bank acquired a new position in Qifu Technology during the fourth quarter valued at approximately $46,579,000. Candriam S.C.A. acquired a new position in Qifu Technology during the fourth quarter valued at approximately $27,185,000. Aspex Management HK Ltd grew its holdings in Qifu Technology by 11.3% during the fourth quarter. Aspex Management HK Ltd now owns 6,371,808 shares of the company’s stock valued at $244,550,000 after purchasing an additional 648,088 shares during the last quarter. Finally, Marshall Wace LLP grew its holdings in Qifu Technology by 67.5% during the fourth quarter. Marshall Wace LLP now owns 1,351,277 shares of the company’s stock valued at $51,862,000 after purchasing an additional 544,666 shares during the last quarter. 74.81% of the stock is owned by institutional investors and hedge funds.

Qifu Technology Stock Performance

QFIN opened at $43.06 on Thursday. The firm has a market capitalization of $6.79 billion, a P/E ratio of 6.60, a price-to-earnings-growth ratio of 0.53 and a beta of 0.49. The stock’s 50 day moving average price is $41.45 and its two-hundred day moving average price is $40.69. The company has a quick ratio of 3.08, a current ratio of 3.08 and a debt-to-equity ratio of 0.21. Qifu Technology, Inc. has a 12-month low of $18.13 and a 12-month high of $48.94.

Qifu Technology (NASDAQ:QFIN) last announced its quarterly earnings data on Monday, May 19th. The company reported $1.74 earnings per share (EPS) for the quarter, topping 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%. On average, equities analysts forecast that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently issued reports on QFIN. Bank of America raised their target price on shares of Qifu Technology from $50.66 to $52.70 and gave the company a “buy” rating in a research note on Wednesday, March 26th. Wall Street Zen downgraded Qifu Technology from a “strong-buy” rating to a “buy” rating in a research report on Sunday, June 1st.

Qifu Technology Profile

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.