Sompo Asset Management Co. Ltd. Decreases Position in Qifu Technology, Inc. (NASDAQ:QFIN)

Sompo Asset Management Co. Ltd. lowered its position in Qifu Technology, Inc. (NASDAQ:QFIN) by 17.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,290 shares of the company’s stock after selling 6,180 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Qifu Technology were worth $843,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ashton Thomas Private Wealth LLC purchased a new position in Qifu Technology during the second quarter worth $31,000. Blue Trust Inc. boosted its stake in shares of Qifu Technology by 598.4% during the second quarter. Blue Trust Inc. now owns 1,732 shares of the company’s stock valued at $32,000 after acquiring an additional 1,484 shares during the last quarter. USA Financial Formulas acquired a new stake in shares of Qifu Technology during the third quarter valued at $41,000. Venturi Wealth Management LLC purchased a new stake in Qifu Technology during the 3rd quarter worth about $54,000. Finally, Signaturefd LLC raised its stake in Qifu Technology by 67.3% in the 2nd quarter. Signaturefd LLC now owns 7,283 shares of the company’s stock valued at $144,000 after purchasing an additional 2,931 shares during the last quarter. Institutional investors and hedge funds own 74.81% of the company’s stock.

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 report on Thursday.

Qifu Technology Trading Down 1.9 %

Shares of NASDAQ:QFIN opened at $34.53 on Friday. The firm has a market cap of $5.57 billion, a price-to-earnings ratio of 6.99, a PEG ratio of 0.32 and a beta of 0.61. The stock’s 50-day moving average price is $31.43 and its two-hundred day moving average price is $24.75. Qifu Technology, Inc. has a 12-month low of $13.71 and a 12-month high of $35.44.

Qifu Technology 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.