Qifu Technology (NASDAQ:QFIN) Shares Down 4.1% – Here’s Why

Shares of Qifu Technology, Inc. (NASDAQ:QFIN) fell 4.1% on Thursday . The stock traded as low as $37.76 and last traded at $37.86. 378,894 shares changed hands during trading, a decline of 58% from the average session volume of 910,485 shares. The stock had previously closed at $39.48.

Wall Street Analysts Forecast Growth

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

Qifu Technology Stock Performance

The company has a 50 day moving average of $36.93 and a 200-day moving average of $30.06. The stock has a market cap of $5.99 billion, a price-to-earnings ratio of 7.69, a price-to-earnings-growth ratio of 0.29 and a beta of 0.64.

Hedge Funds Weigh In On Qifu Technology

Hedge funds have recently bought and sold shares of the company. Wilmington Savings Fund Society FSB acquired a new stake in Qifu Technology in the 3rd quarter valued at about $30,000. BOCHK Asset Management Ltd acquired a new stake in Qifu Technology in the 4th quarter valued at about $46,000. USA Financial Formulas acquired a new stake in shares of Qifu Technology during the 3rd quarter worth about $41,000. Point72 DIFC Ltd acquired a new stake in shares of Qifu Technology during the 3rd quarter worth about $43,000. Finally, Venturi Wealth Management LLC acquired a new stake in shares of Qifu Technology during the 3rd quarter worth about $54,000. Institutional investors and hedge funds own 74.81% of the company’s stock.

Qifu Technology Company Profile

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.