Qifu Technology (NASDAQ:QFIN) Stock Price Up 6% – Here’s What Happened

Qifu Technology, Inc. (NASDAQ:QFIN) shares rose 6% on Wednesday . The stock traded as high as $37.81 and last traded at $37.81. Approximately 652,484 shares changed hands during mid-day 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 Analysts Forecast Growth

Separately, Citigroup raised their target price on shares of Qifu Technology from $31.44 to $37.50 and gave the stock a “buy” rating in a research note on Thursday, November 21st.

Qifu Technology Price Performance

The company has a market cap of $6.11 billion, a price-to-earnings ratio of 7.67, a P/E/G ratio of 0.32 and a beta of 0.61. The firm has a 50-day moving average price of $32.31 and a 200 day moving average price of $25.20.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in QFIN. US Bancorp DE grew its stake in shares of Qifu Technology by 16.5% in the third quarter. US Bancorp DE now owns 5,410 shares of the company’s stock valued at $161,000 after acquiring an additional 765 shares in the last quarter. LMR Partners LLP boosted its holdings in Qifu Technology by 3.0% in the 3rd quarter. LMR Partners LLP now owns 30,816 shares of the company’s stock valued at $919,000 after purchasing an additional 892 shares during the period. XTX Topco Ltd grew its position in shares of Qifu Technology by 9.1% during the 3rd quarter. XTX Topco Ltd now owns 11,913 shares of the company’s stock worth $355,000 after purchasing an additional 997 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Qifu Technology during the third quarter worth approximately $30,000. Finally, E Fund Management Hong Kong Co. Ltd. raised its position in shares of Qifu Technology by 1.1% in the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 97,036 shares of the company’s stock valued at $1,915,000 after buying an additional 1,012 shares in the last quarter. Institutional investors 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.