Qifu Technology (NASDAQ:QFIN) Stock Price Up 4.6% – Time to Buy?

Qifu Technology, Inc. (NASDAQ:QFIN)’s share price was up 4.6% on Tuesday . The company traded as high as $40.08 and last traded at $40.08. Approximately 770,220 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 1,325,623 shares. The stock had previously closed at $38.30.

Wall Street Analysts Forecast Growth

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

Qifu Technology Price Performance

The stock’s 50 day moving average is $34.49 and its two-hundred day moving average is $26.92. The firm has a market capitalization of $6.12 billion, a P/E ratio of 7.67, a P/E/G ratio of 0.33 and a beta of 0.64.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Natixis Advisors LLC acquired a new position in Qifu Technology in the third quarter valued at about $654,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Qifu Technology by 148.2% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 820,343 shares of the company’s stock worth $24,454,000 after purchasing an additional 489,865 shares during the last quarter. Point72 Hong Kong Ltd raised its holdings in shares of Qifu Technology by 443.0% in the 3rd quarter. Point72 Hong Kong Ltd now owns 535,498 shares of the company’s stock valued at $15,963,000 after purchasing an additional 436,882 shares during the period. AQR Capital Management LLC acquired a new stake in Qifu Technology during the 2nd quarter valued at $25,560,000. Finally, Hsbc Holdings PLC grew its stake in Qifu Technology by 9.8% in the 2nd quarter. Hsbc Holdings PLC now owns 424,904 shares of the company’s stock valued at $8,377,000 after buying an additional 37,948 shares during the last quarter. 74.81% of the stock is currently owned by institutional investors.

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.