Qifu Technology (NASDAQ:QFIN) Stock Price Down 5.2% – Here’s Why

Qifu Technology, Inc. (NASDAQ:QFIN) shares fell 5.2% during mid-day trading on Monday . The company traded as low as $36.61 and last traded at $36.67. 621,617 shares were traded during trading, a decline of 1% from the average session volume of 624,857 shares. The stock had previously closed at $38.67.

Analyst Ratings Changes

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

Qifu Technology Price Performance

The stock has a market cap of $6.05 billion, a P/E ratio of 7.59, a price-to-earnings-growth ratio of 0.33 and a beta of 0.64. The stock’s 50 day simple moving average is $35.80 and its two-hundred day simple moving average is $28.76.

Hedge Funds Weigh In On Qifu Technology

Large investors have recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its position in Qifu Technology by 29.9% during the second quarter. Bank of New York Mellon Corp now owns 124,713 shares of the company’s stock valued at $2,461,000 after purchasing an additional 28,675 shares during the last quarter. National Bank of Canada FI acquired a new stake in shares of Qifu Technology in the 2nd quarter valued at approximately $3,503,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Qifu Technology in the second quarter valued at $31,000. American Century Companies Inc. increased its holdings in Qifu Technology by 5.0% during the second quarter. American Century Companies Inc. now owns 499,507 shares of the company’s stock worth $9,855,000 after buying an additional 23,565 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale raised its position in Qifu Technology by 104.6% during the second quarter. DekaBank Deutsche Girozentrale now owns 20,015 shares of the company’s stock worth $395,000 after acquiring an additional 10,231 shares in the last quarter. Institutional investors and hedge funds own 74.81% of the company’s stock.

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.