Quantinno Capital Management LP Increases Shareholding in Qifu Technology, Inc.

On December 15th, 2024, it was reported that Quantinno Capital Management LP has increased its stake in Qifu Technology, Inc. (NASDAQ:QFIN) by 9.2% during the third quarter of the year. This increase comes as part of their recent Form 13F filing with the Securities and Exchange Commission (SEC). Following this acquisition, Quantinno now holds 16,456 shares of Qifu Technology, having bought an additional 1,380 shares in the same period. The value of Quantinno's holdings in Qifu Technology has reached approximately $491,000.

Several other institutional investors and hedge funds have also made moves regarding their investments in Qifu Technology. For instance, USA Financial Formulas established a new position in the company, investing about $41,000 in the third quarter. Similarly, Point72 DIFC Ltd invested around $43,000, while Ashton Thomas Private Wealth LLC acquired shares worth approximately $31,000 during the second quarter. Moreover, Blue Trust Inc. made significant gains, boosting its stake by 598.4% in the second quarter, resulting in ownership of 1,732 shares valued at $32,000 after adding an additional 1,484 shares. In the third quarter, Venturi Wealth Management LLC also entered the market, acquiring shares valued at about $54,000. Notably, institutional investors now collectively own 74.81% of Qifu Technology's stock.

Qifu Technology Stock Performance

Qifu Technology's shares have experienced a noteworthy performance, with stock prices opening at $38.85 on a recent Friday. As of now, the company boasts a market capitalization of $6.27 billion, a price-to-earnings (PE) ratio of 7.86, a price-to-earnings growth (PEG) ratio of 0.32, and a beta coefficient of 0.64. Over the past year, shares of Qifu Technology reached a low of $13.71 and peaked at $40.31. Presently, the stock’s 50-day simple moving average stands at $34.08, while the 200-day average is $26.52.

Analyst Opinions on Qifu Technology

In a separate development, analysts from Citigroup have revised their target price for Qifu Technology’s shares from $31.44 to $37.50, reiterating a “buy” recommendation. This adjustment was made in a research report published on November 21st.

Qifu Technology Overview

Qifu Technology, Inc., through its subsidiaries, operates within the credit technology sector, providing services under the 360 Jietiao brand in the People's Republic of China. The company offers a range of credit-driven services that connect borrowers with financial institutions, facilitating processes like customer acquisition, initial and credit screening, advanced risk assessment, and fund matching. Additionally, Qifu Technology delivers platform services to financial institution partners, which include loan facilitation and risk management software-as-a-service.

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