Qfin (NASDAQ:QFIN) Cut to Equal Weight at Morgan Stanley

Morgan Stanley lowered shares of Qfin (NASDAQ:QFIN) from an overweight rating to an equal weight rating in a report released on Wednesday, MarketBeat reports. The firm currently has $13.00 price target on the stock.

Several other research analysts have also commented on the company. Deutsche Bank Aktiengesellschaft set a $13.00 price target on Qfin in a research report on Wednesday, August 12th. Bank of America reissued a “neutral” rating and issued a $15.33 price objective on shares of Qfin in a report on Wednesday, May 27th. Citigroup lowered shares of Qfin from a “buy” rating to a “sell” rating and set a $8.00 target price on the stock. in a research report on Wednesday. Zacks Research raised shares of Qfin from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Finally, JPMorgan Chase & Co. downgraded shares of Qfin from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $13.50 to $9.00 in a research report on Wednesday. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Qfin currently has a consensus rating of “Reduce” and an average target price of $12.29.

Qfin Stock Performance

Shares of QFIN stock opened at $8.80 on Wednesday. The stock’s 50-day moving average is $13.29 and its two-hundred day moving average is $13.80. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of 2.12 and a beta of 0.63. Qfin has a 1 year low of $8.72 and a 1 year high of $32.69. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.22 and a current ratio of 2.17.

Qfin (NASDAQ:QFIN) last posted its earnings results on Friday, August 14th. The company reported $0.55 EPS for the quarter. Qfin had a return on equity of 15.23% and a net margin of 22.23%.The business had revenue of $524.96 million for the quarter. Analysts predict that Qfin will post 3.74 earnings per share for the current year.

Qfin Cuts Dividend

The firm also recently announced a dividend, which will be paid on Thursday, October 1st. Shareholders of record on Wednesday, September 9th will be issued a $0.46 dividend. The ex-dividend date of this dividend is Wednesday, September 9th. This represents a yield of 1,032.0%. Qfin’s dividend payout ratio (DPR) is 37.02%.

Insider Activity at Qfin

In related news, Director Xiaohuan Chen bought 4,000 shares of the firm’s stock in a transaction on Tuesday, June 9th. The shares were bought at an average cost of $14.41 per share, for a total transaction of $57,640.00. Following the transaction, the director owned 19,000 shares of the company’s stock, valued at approximately $273,790. This trade represents a 26.67% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 17.10% of the company’s stock.

Hedge Funds Weigh In On Qfin

Large investors have recently made changes to their positions in the stock. FountainVest China Capital Partners GP3 Ltd. acquired a new stake in shares of Qfin in the second quarter valued at about $95,483,341. Triata Capital Ltd grew its position in Qfin by 188.3% during the fourth quarter. Triata Capital Ltd now owns 3,125,331 shares of the company’s stock worth $60,225,000 after buying an additional 2,041,351 shares during the period. Norges Bank purchased a new position in Qfin in the fourth quarter valued at about $30,436,000. Goldman Sachs Group Inc. increased its holdings in Qfin by 198.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,842,278 shares of the company’s stock valued at $35,501,000 after buying an additional 1,224,164 shares in the last quarter. Finally, Marshall Wace LLP increased its holdings in Qfin by 1,050.6% in the third quarter. Marshall Wace LLP now owns 790,665 shares of the company’s stock valued at $22,755,000 after buying an additional 721,950 shares in the last quarter. Hedge funds and other institutional investors own 74.81% of the company’s stock.

Qfin Company Profile

360 DigiTech, Inc (NASDAQ: QFIN) is a China?based fintech company that specializes in providing digital lending solutions to underserved consumer and small business markets. Leveraging proprietary credit assessment technologies and big data analytics, the company connects borrowers with a network of financial institutions and investors through its online platform. Its services encompass unsecured consumer loans, installment credit products, and working capital financing for micro and small enterprises.

The company’s flagship platform offers an end?to?end digital lending experience, from application and credit evaluation to disbursement and repayment.