Qifu Technology (NASDAQ:QFIN) Trading Up 6% – Should You Buy?

Qifu Technology, Inc. (NASDAQ:QFIN) shares rose 6% during mid-day trading on Wednesday . The stock traded as high as $37.81 and last traded at $37.81. Approximately 652,484 shares were traded during trading, a decline of 50% from the average daily volume of 1,307,094 shares. The stock had previously closed at $35.68.

Wall Street Analyst Weigh In

Separately, Citigroup increased their price target on Qifu Technology from $31.44 to $37.50 and gave the company a “buy” rating in a research report on Thursday, November 21st.

Qifu Technology Price Performance

The firm has a market capitalization of $6.11 billion, a P/E ratio of 7.67, a PEG ratio of 0.32 and a beta of 0.61. The firm’s 50 day moving average is $32.31 and its two-hundred day moving average is $25.20.

Institutional Trading of Qifu Technology

A number of large investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC bought a new stake in shares of Qifu Technology in the 2nd quarter valued at about $25,560,000. Acadian Asset Management LLC raised its stake in Qifu Technology by 1,789.1% in the second quarter. Acadian Asset Management LLC now owns 1,240,489 shares of the company’s stock valued at $24,450,000 after buying an additional 1,174,824 shares during the period. Prudential PLC lifted its position in shares of Qifu Technology by 634.1% in the second quarter. Prudential PLC now owns 956,998 shares of the company’s stock valued at $18,882,000 after buying an additional 826,631 shares during the last quarter. Marshall Wace LLP boosted its stake in shares of Qifu Technology by 557.5% during the 2nd quarter. Marshall Wace LLP now owns 776,457 shares of the company’s stock worth $15,319,000 after acquiring an additional 658,366 shares during the period. Finally, Robeco Institutional Asset Management B.V. increased its holdings in shares of Qifu Technology by 66.9% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,369,278 shares of the company’s stock worth $40,818,000 after acquiring an additional 548,678 shares during the last quarter. Institutional investors and hedge funds own 74.81% of the company’s stock.

About Qifu Technology

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.