JPMorgan Chase & Co. Cuts Qfin (NASDAQ:QFIN) Price Target to $13.50

Qfin (NASDAQ:QFIN) had its target price decreased by equities researchers at JPMorgan Chase & Co. from $14.50 to $13.50 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 4.43% from the stock’s current price.

QFIN has been the subject of a number of other research reports. Zacks Research upgraded Qfin from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Bank of America reaffirmed a “neutral” rating and issued a $15.33 target price on shares of Qfin in a research report on Wednesday, May 27th. Finally, Weiss Ratings lowered shares of Qfin from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, July 13th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Qfin presently has an average rating of “Hold” and an average price target of $17.41.

Qfin Stock Down 0.8%

Qfin stock traded down $0.10 during trading hours on Tuesday, hitting $12.93. 180,530 shares of the stock traded hands, compared to its average volume of 1,458,444. Qfin has a one year low of $11.31 and a one year high of $34.95. The firm’s 50-day moving average price is $14.34 and its two-hundred day moving average price is $14.24. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.03. The company has a market cap of $1.57 billion, a PE ratio of 2.37 and a beta of 0.63.

Qfin (NASDAQ:QFIN) last announced its earnings results on Friday, May 15th. The company reported $1.12 earnings per share (EPS) for the quarter. The firm had revenue of $567.01 million during the quarter. Qfin had a return on equity of 20.85% and a net margin of 27.48%. On average, research analysts forecast that Qfin will post 3.85 EPS for the current year.

Insider Buying and Selling

In other news, Director Xiaohuan Chen acquired 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The shares were bought at an average cost of $14.41 per share, with a total value of $57,640.00. Following the transaction, the director owned 19,000 shares of the company’s stock, valued at $273,790. This trade represents a 26.67% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 17.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Triata Capital Ltd grew its holdings in shares of Qfin by 188.3% during the fourth quarter. Triata Capital Ltd now owns 3,125,331 shares of the company’s stock valued at $60,225,000 after buying an additional 2,041,351 shares during the last quarter. Norges Bank bought a new stake in shares of Qfin in the 4th quarter worth $30,436,000. Goldman Sachs Group Inc. increased its holdings in shares of Qfin by 198.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,842,278 shares of the company’s stock worth $35,501,000 after purchasing an additional 1,224,164 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Qfin by 1,050.6% in the third quarter. Marshall Wace LLP now owns 790,665 shares of the company’s stock worth $22,755,000 after purchasing an additional 721,950 shares during the last quarter. Finally, M&G PLC purchased a new position in shares of Qfin in the fourth quarter worth $13,331,000. Institutional investors own 74.81% of the company’s stock.

About Qfin

360 DigiTech, Inc (NASDAQ: QFIN) is a China‐based fintech company that specializes in providing digital lending solutions to underserved consumer and small business markets. Leveraging proprietary credit assessment technologies and big data analytics, the company connects borrowers with a network of financial institutions and investors through its online platform. Its services encompass unsecured consumer loans, installment credit products, and working capital financing for micro and small enterprises.

The company’s flagship platform offers an end‐to‐end digital lending experience, from application and credit evaluation to disbursement and repayment.