Qifu Technology (NASDAQ:QFIN) Shares Down 5.3% – Here’s What Happened

Qifu Technology, Inc. (NASDAQ:QFIN)’s share price fell 5.3% during trading on Monday . The stock traded as low as $35.91 and last traded at $36.10. 1,175,584 shares were traded during mid-day trading, a decline of 10% from the average session volume of 1,309,777 shares. The stock had previously closed at $38.11.

Wall Street Analyst Weigh In

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

Qifu Technology Stock Performance

The company has a market cap of $5.88 billion, a price-to-earnings ratio of 7.28, a price-to-earnings-growth ratio of 0.30 and a beta of 0.64. The company’s 50 day moving average price is $32.93 and its 200 day moving average price is $25.59.

Institutional Trading of Qifu Technology

A number of hedge funds have recently bought and sold shares of QFIN. AQR Capital Management LLC bought a new stake in shares of Qifu Technology in the 2nd quarter valued at approximately $25,560,000. Acadian Asset Management LLC grew its holdings in shares of Qifu Technology by 1,789.1% in the 2nd quarter. Acadian Asset Management LLC now owns 1,240,489 shares of the company’s stock valued at $24,450,000 after buying an additional 1,174,824 shares during the period. Prudential PLC increased its holdings in shares of Qifu Technology by 634.1% in the second quarter. Prudential PLC now owns 956,998 shares of the company’s stock worth $18,882,000 after acquiring an additional 826,631 shares in the last quarter. Marshall Wace LLP lifted its stake in Qifu Technology by 557.5% in the second quarter. Marshall Wace LLP now owns 776,457 shares of the company’s stock valued at $15,319,000 after buying an additional 658,366 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its position in Qifu Technology by 66.9% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,369,278 shares of the company’s stock valued at $40,818,000 after acquiring an additional 548,678 shares in the last quarter. 74.81% of the stock is owned by institutional investors.

About Qifu Technology

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.