Qfin (NASDAQ:QFIN) Shares Up 7.8% – Here’s What Happened

Qfin Holdings Inc. – Sponsored ADR (NASDAQ:QFIN) shot up 7.8% during trading on Monday. The company traded as high as $5.52 and last traded at $5.5750. Approximately 261,624 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 1,720,367 shares. The stock had previously closed at $5.17.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on QFIN shares. Zacks Research lowered shares of Qfin from a “hold” rating to a “strong sell” rating in a research report on Friday, August 28th. JPMorgan Chase & Co. cut shares of Qfin from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $13.50 to $9.00 in a research note on Wednesday, August 26th. Deutsche Bank Aktiengesellschaft set a $13.00 price objective on shares of Qfin in a report on Wednesday, August 12th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Qfin in a research note on Friday, October 9th. Finally, Citigroup cut shares of Qfin from a “buy” rating to a “sell” rating and set a $8.00 target price for the company. in a report on Wednesday, August 26th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, Qfin presently has a consensus rating of “Reduce” and a consensus target price of $12.29.

Qfin Trading Up 4.4%

The firm has a market cap of $656.84 million, a price-to-earnings ratio of 1.29 and a beta of 0.60. The company has a fifty day moving average price of $7.33 and a 200-day moving average price of $12.50. The company has a current ratio of 2.17, a quick ratio of 2.17 and a debt-to-equity ratio of 0.03.

Qfin (NASDAQ:QFIN) last posted its earnings results on Friday, August 14th. The company reported $0.55 EPS for the quarter. The firm had revenue of $524.96 million for the quarter. Qfin had a return on equity of 15.23% and a net margin of 22.23%. As a group, research analysts expect that Qfin Holdings Inc. – Sponsored ADR will post 2.43 EPS for the current year.

Qfin Cuts Dividend

The company also recently disclosed a dividend, which was paid on Thursday, October 1st. Stockholders of record on Wednesday, September 9th were paid a dividend of $0.46 per share. This represents a dividend yield of 1,070.0%. The ex-dividend date of this dividend was Wednesday, September 9th. This is a negative change from Qfin’s previous dividend of $0.78. Qfin’s dividend payout ratio is 21.63%.

Insider Buying and Selling at Qfin

In other news, Director Andrew Yan sold 330,000 shares of Qfin stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $7.52, for a total transaction of $2,481,600.00. Following the completion of the transaction, the director directly owned 326,700 shares of the company’s stock, valued at $2,456,784. The trade was a 50.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have sold 657,550 shares of company stock worth $4,889,121. 17.10% of the stock is owned by insiders.

Institutional Trading of Qfin

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FountainVest China Capital Partners GP3 Ltd. acquired a new position in shares of Qfin in the second quarter worth about $95,483,341. Bank of America Corp DE grew its position in shares of Qfin by 48.5% during the 1st quarter. Bank of America Corp DE now owns 1,987,457 shares of the company’s stock valued at $25,658,000 after acquiring an additional 649,492 shares during the period. Wellington Management Group LLP grew its position in shares of Qfin by 128.0% during the 2nd quarter. Wellington Management Group LLP now owns 1,034,463 shares of the company’s stock valued at $16,355,000 after acquiring an additional 580,772 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in shares of Qfin in the 1st quarter valued at about $5,612,000. Finally, Renaissance Technologies LLC purchased a new position in shares of Qfin in the 1st quarter valued at about $5,032,000. Institutional investors and hedge funds own 74.81% of the company’s stock.

About Qfin

Qifu Technology, Inc (NASDAQ: QFIN), formerly known as 360 DigiTech, Inc, is a China-based financial technology company. It operates a technology platform that connects individual borrowers with financial institution partners and supports the origination, underwriting, servicing and management of consumer credit products.

The company uses data analytics, artificial intelligence and other digital tools to assess credit risk and improve lending efficiency. Its platform supports products and services designed to provide personal loans and other consumer financing options, primarily through online and mobile channels.