Qfin (NASDAQ:QFIN) Lowered to “Underweight” Rating by JPMorgan Chase & Co.

Qfin (NASDAQ:QFIN) was downgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a note issued to investors on Wednesday. They presently have a $9.00 price objective on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 21.94% from the stock’s current price.

Several other research analysts have also commented on the company. Zacks Research raised Qfin from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Jefferies Financial Group reiterated a “buy” rating and set a $15.40 target price on shares of Qfin in a research report on Wednesday. Weiss Ratings cut shares of Qfin from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, July 13th. Deutsche Bank Aktiengesellschaft set a $13.00 price target on Qfin in a research report on Wednesday, August 12th. Finally, Bank of America reiterated a “neutral” rating and issued a $15.33 price objective on shares of Qfin in a report on Wednesday, May 27th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $13.18.

Qfin Price Performance

QFIN stock opened at $11.53 on Wednesday. The firm has a 50 day moving average of $13.65 and a 200-day moving average of $13.93. The firm has a market capitalization of $1.40 billion, a P/E ratio of 2.11 and a beta of 0.63. Qfin has a 12 month low of $10.85 and a 12 month high of $32.69. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.03.

Qfin (NASDAQ:QFIN) last posted its earnings results on Friday, August 14th. The company reported $0.55 earnings per share (EPS) for the quarter. Qfin had a net margin of 27.48% and a return on equity of 20.85%. The business had revenue of $524.96 million for the quarter. As a group, sell-side analysts predict that Qfin will post 3.74 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Xiaohuan Chen acquired 4,000 shares of Qfin stock in a transaction dated Tuesday, June 9th. The shares were purchased at an average cost of $14.41 per share, with a total value of $57,640.00. Following the completion of the purchase, the director owned 19,000 shares of the company’s stock, valued at $273,790. This represents a 26.67% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 17.10% of the company’s stock.

Institutional Trading of Qfin

Several hedge funds and other institutional investors have recently bought and sold shares of QFIN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Qfin in the first quarter worth approximately $29,000. SBI Securities Co. Ltd. increased its holdings in Qfin by 6,796.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,931 shares of the company’s stock valued at $37,000 after purchasing an additional 1,903 shares during the period. Caitong International Asset Management Co. Ltd increased its holdings in Qfin by 415.9% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,636 shares of the company’s stock valued at $51,000 after purchasing an additional 2,125 shares during the period. Parallel Advisors LLC raised its position in Qfin by 24.1% during the 4th quarter. Parallel Advisors LLC now owns 3,373 shares of the company’s stock valued at $65,000 after purchasing an additional 656 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in Qfin by 23.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,358 shares of the company’s stock valued at $103,000 after purchasing an additional 1,016 shares during the last quarter. 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.