Qifu Technology, Inc. (NASDAQ:QFIN) Sees Large Decline in Short Interest

Qifu Technology, Inc. (NASDAQ:QFIN) was the target of a significant decline in short interest in October. As of October 15th, there was short interest totalling 1,610,000 shares, a decline of 19.5% from the September 30th total of 2,000,000 shares. Based on an average trading volume of 1,690,000 shares, the short-interest ratio is presently 1.0 days.

Qifu Technology Price Performance

NASDAQ:QFIN traded up $0.16 during trading hours on Monday, hitting $34.98. The company had a trading volume of 758,774 shares, compared to its average volume of 1,308,855. The company has a market capitalization of $5.65 billion, a PE ratio of 8.41, a price-to-earnings-growth ratio of 0.47 and a beta of 0.62. The stock has a 50-day moving average price of $28.43 and a 200 day moving average price of $22.86. Qifu Technology has a 52 week low of $13.71 and a 52 week high of $35.02.

Qifu Technology (NASDAQ:QFIN) last released its quarterly earnings results on Tuesday, August 13th. The company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.23. The business had revenue of $572.44 million for the quarter, compared to analysts’ expectations of $582.69 million. Qifu Technology had a net margin of 28.06% and a return on equity of 21.82%. Analysts anticipate that Qifu Technology will post 5.08 EPS for the current fiscal year.

Qifu Technology Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, September 27th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a yield of 4.7%. This is a positive change from Qifu Technology’s previous semi-annual dividend of $0.57. Qifu Technology’s dividend payout ratio (DPR) is currently 28.37%.

Hedge Funds Weigh In On Qifu Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in QFIN. Ashton Thomas Private Wealth LLC purchased a new position in Qifu Technology during the second quarter valued at $31,000. Blue Trust Inc. raised its position in shares of Qifu Technology by 598.4% in the 2nd quarter. Blue Trust Inc. now owns 1,732 shares of the company’s stock worth $32,000 after purchasing an additional 1,484 shares during the last quarter. USA Financial Formulas purchased a new position in shares of Qifu Technology in the 3rd quarter worth about $41,000. Signaturefd LLC raised its position in shares of Qifu Technology by 67.3% in the 2nd quarter. Signaturefd LLC now owns 7,283 shares of the company’s stock worth $144,000 after purchasing an additional 2,931 shares during the last quarter. Finally, US Bancorp DE raised its position in shares of Qifu Technology by 16.5% in the 3rd quarter. US Bancorp DE now owns 5,410 shares of the company’s stock worth $161,000 after purchasing an additional 765 shares during the last quarter. Hedge funds and other institutional investors own 74.81% of the company’s stock.

Qifu Technology Company Profile

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.