Qifu Technology (NASDAQ:QFIN) Stock Price Up 8.1% – Time to Buy?

Qifu Technology, Inc. (NASDAQ:QFIN) shares rose 8.1% during trading on Wednesday . The stock traded as high as $42.48 and last traded at $42.89. Approximately 306,622 shares traded hands during trading, a decline of 74% from the average daily volume of 1,195,179 shares. The stock had previously closed at $39.68.

Analyst Upgrades and Downgrades

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

Qifu Technology Trading Up 8.8 %

The firm has a market cap of $6.80 billion, a PE ratio of 8.73, a P/E/G ratio of 0.32 and a beta of 0.59. The business has a fifty day moving average price of $39.98 and a 200 day moving average price of $34.51.

Hedge Funds Weigh In On Qifu Technology

Hedge funds have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp increased its position in Qifu Technology by 48.6% during the fourth quarter. Mackenzie Financial Corp now owns 483,387 shares of the company’s stock worth $18,552,000 after buying an additional 158,013 shares during the period. GF Fund Management CO. LTD. acquired a new position in Qifu Technology during the fourth quarter worth $8,736,000. Public Employees Retirement System of Ohio increased its holdings in Qifu Technology by 43.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 407,993 shares of the company’s stock valued at $15,659,000 after buying an additional 123,292 shares in the last quarter. Vise Technologies Inc. purchased a new stake in shares of Qifu Technology during the 4th quarter worth approximately $239,000. Finally, Vident Advisory LLC grew its holdings in Qifu Technology by 9.2% in the fourth quarter. Vident Advisory LLC now owns 19,191 shares of the company’s stock valued at $737,000 after purchasing an additional 1,621 shares during the last quarter. 74.81% of the stock is currently owned by hedge funds and other institutional investors.

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.