Qifu Technology Shares Decline 4.2% - What Should Investors Consider?

On Friday, shares of Qifu Technology, Inc. (NASDAQ:QFIN) experienced a drop of 4.2%. The stock hit a low of $40.33 before ultimately closing at $40.40. During the trading day, 178,117 shares changed hands, representing a significant 81% decrease from the average volume of 956,621 shares. Prior to this decline, the stock had finished the previous day at $42.19.

Insights from Wall Street Analysts

In a recent development, Citigroup increased its price target for Qifu Technology from $31.44 to $37.50, maintaining a "buy" rating on the stock as of November 21st.

Qifu Technology's Recent Stock Performance

This drop comes after the stock was also noted to have declined by 5.7% recently. Qifu Technology boasts a market capitalization of approximately $6.27 billion and has a price-to-earnings (P/E) ratio of 8.06. The company has a P/E/G ratio of 0.31 and a beta of 0.64. Its fifty-day moving average stands at $37.76, while the 200-day moving average is at $30.77.

Institutional Investment Activity

Recently, several hedge funds and institutional investors have made adjustments to their holdings in QFIN. Notably, Truist Financial Corp established a new position in Qifu Technology worth $231,000 during the fourth quarter. Rhumbline Advisers raised its stake by 36.8%, now holding 24,988 shares valued at $959,000 after acquiring an additional 6,721 shares. Asset Management One Co. Ltd. increased its position by 66.8%, owning 32,873 shares worth $1,255,000 after purchasing an extra 13,170 shares. Lester Murray Antman, operating as SimplyRich, grew its stake by 5.7%, resulting in 14,288 shares valued at $548,000. Additionally, Advisors Preferred LLC acquired a new position in Qifu Technology valued at about $41,000. As it stands, institutional investors and hedge funds collectively control 74.81% of the company’s shares.

About Qifu Technology

Qifu Technology, Inc. operates in the People's Republic of China through its subsidiaries and offers a credit-tech platform under the brand 360 Jietiao. The company specializes in credit-driven services, aiming to connect borrowers with financial institutions for customer acquisition, credit screening, risk assessment, and fund matching, alongside post-facilitation services for its financial institution partners.

Further Investment Considerations

Investors considering putting $1,000 into Qifu Technology should think carefully. While analysts currently hold a "buy" rating on the stock, leading analysts are highlighting five other stocks as potentially more favorable investments. It is important to thoroughly research and compare these options before making investment decisions.

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