Qifu Technology (NASDAQ:QFIN) Shares Down 4.2% - Should You Sell?
Qifu Technology (NASDAQ:QFIN) shares fell 4.2% to $40.40, with trading volume down 81% from average levels. Citigroup raised its price target from $31.44 to $37.50, maintaining a "buy" rating. The company has a market cap of $6.27 billion and a P/E ratio of 8.06. Institutional investors hold 74.81% of the stock, with notable increases in positions from several hedge funds. Despite the drop, analysts still rate Qifu Technology as a "buy," although other stocks are recommended as better investments.
Qifu Technology, Inc. (NASDAQ:QFIN - Get Free Report) traded down 4.2% on Friday . The stock traded as low as $40.33 and last traded at $40.40. 178,117 shares were traded during trading, a decline of 81% from the average session volume of 956,621 shares. The stock had previously closed at $42.19.
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Wall Street Analyst Weigh In
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Separately, Citigroup boosted their price objective on Qifu Technology from $31.44 to $37.50 and gave the stock a "buy" rating in a research report on Thursday, November 21st.
Check Out Our Latest Report on Qifu Technology
Qifu Technology Stock Down 5.7 %
The stock has a market capitalization of $6.27 billion, a price-to-earnings ratio of 8.06, a P/E/G ratio of 0.31 and a beta of 0.64. The stock has a fifty day moving average of $37.76 and a 200-day moving average of $30.77.
Institutional Trading of Qifu Technology
A number of hedge funds and other institutional investors have recently made changes to their positions in QFIN. Truist Financial Corp purchased a new position in Qifu Technology during the 4th quarter worth $231,000. Rhumbline Advisers lifted its holdings in Qifu Technology by 36.8% in the fourth quarter. Rhumbline Advisers now owns 24,988 shares of the company's stock valued at $959,000 after acquiring an additional 6,721 shares during the period. Asset Management One Co. Ltd. boosted its position in shares of Qifu Technology by 66.8% during the 4th quarter. Asset Management One Co. Ltd. now owns 32,873 shares of the company's stock worth $1,255,000 after purchasing an additional 13,170 shares in the last quarter. Lester Murray Antman dba SimplyRich grew its stake in shares of Qifu Technology by 5.7% during the 4th quarter. Lester Murray Antman dba SimplyRich now owns 14,288 shares of the company's stock worth $548,000 after purchasing an additional 768 shares during the period. Finally, Advisors Preferred LLC purchased a new position in shares of Qifu Technology in the 4th quarter valued at about $41,000. Institutional investors and hedge funds own 74.81% of the company's stock.
Qifu Technology Company Profile
(Get Free Report)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.
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