Qfin (NASDAQ:QFIN) Hits New 12-Month Low – Here’s What Happened

Qfin Holdings Inc. – Sponsored ADR (NASDAQ:QFIN) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $8.25 and last traded at $8.1350, with a volume of 75140 shares. The stock had previously closed at $8.47.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Morgan Stanley downgraded Qfin from an “overweight” rating to an “equal weight” rating and set a $13.00 target price on the stock. in a research note on Wednesday, August 26th. Bank of America reissued a “neutral” rating on shares of Qfin in a report on Thursday, September 10th. Zacks Research cut shares of Qfin from a “hold” rating to a “strong sell” rating in a research note on Friday, August 28th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $15.40 price objective on shares of Qfin in a report on Wednesday, August 26th. Finally, Deutsche Bank Aktiengesellschaft set a $13.00 target price on shares of Qfin in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $12.29.

Qfin Trading Down 4.2%

The company has a fifty day simple moving average of $11.79 and a 200-day simple moving average of $13.26. The company has a current ratio of 2.17, a quick ratio of 2.17 and a debt-to-equity ratio of 0.03. The stock has a market cap of $988.02 million, a price-to-earnings ratio of 1.95 and a beta of 0.57.

Qfin (NASDAQ:QFIN) last released its earnings results on Friday, August 14th. The company reported $0.55 earnings per share for the quarter. Qfin had a net margin of 22.23% and a return on equity of 15.23%. The business had revenue of $524.96 million for the quarter. On average, research analysts forecast that Qfin Holdings Inc. – Sponsored ADR will post 2.42 earnings per share for the current fiscal year.

Qfin Cuts Dividend

The company also recently disclosed a dividend, which will be paid on Thursday, October 1st. Investors of record on Wednesday, September 9th will be paid a $0.46 dividend. The ex-dividend date of this dividend is Wednesday, September 9th. This represents a yield of 1,070.0%. Qfin’s dividend payout ratio (DPR) is currently 21.63%.

Institutional Trading of Qfin

Large investors have recently added to or reduced their stakes in the company. FountainVest China Capital Partners GP3 Ltd. purchased a new stake in shares of Qfin in the second quarter valued at $95,483,341. Triata Capital Ltd grew its holdings in shares of Qfin by 188.3% during the fourth quarter. Triata Capital Ltd now owns 3,125,331 shares of the company’s stock valued at $60,225,000 after buying an additional 2,041,351 shares in the last quarter. Norges Bank acquired a new position in Qfin during the fourth quarter valued at $30,436,000. Bank of America Corp DE raised its position in Qfin by 48.5% during the first quarter. Bank of America Corp DE now owns 1,987,457 shares of the company’s stock valued at $25,658,000 after buying an additional 649,492 shares during the period. Finally, BNP Paribas Financial Markets raised its position in Qfin by 108.5% during the fourth quarter. BNP Paribas Financial Markets now owns 947,274 shares of the company’s stock valued at $18,254,000 after buying an additional 493,007 shares during the period. 74.81% of the stock is owned by institutional investors and hedge funds.

About Qfin

Qifu Technology, Inc (NASDAQ: QFIN), formerly known as 360 DigiTech, Inc, is a China-based financial technology company that operates a technology-enabled consumer credit services platform. The company uses data analytics, artificial intelligence and risk-management technologies to help connect consumers seeking credit with financial institutions and other lending partners.

Qifu provides services across the consumer lending process, including customer acquisition, credit assessment, loan facilitation, risk management and post-origination support.