Qifu Technology (NASDAQ:QFIN) Stock Price Down 4.2% – Should You Sell?

Qifu Technology, Inc. (NASDAQ:QFIN) shares dropped 4.2% during mid-day trading on Friday . The stock traded as low as $40.33 and last traded at $40.40. Approximately 178,117 shares were traded during trading, a decline of 81% from the average daily volume of 956,621 shares. The stock had previously closed at $42.19.

Wall Street Analyst Weigh In

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

Qifu Technology Stock Performance

The company has a market capitalization of $6.27 billion, a price-to-earnings ratio of 8.06, a P/E/G ratio of 0.31 and a beta of 0.64. The firm’s 50 day simple moving average is $37.76 and its 200-day simple moving average is $30.77.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Truist Financial Corp bought a new stake in Qifu Technology during the fourth quarter worth approximately $231,000. Rhumbline Advisers boosted its holdings in Qifu Technology by 36.8% during the fourth quarter. Rhumbline Advisers now owns 24,988 shares of the company’s stock valued at $959,000 after acquiring an additional 6,721 shares during the period. Asset Management One Co. Ltd. grew its position in Qifu Technology by 66.8% in the 4th quarter. Asset Management One Co. Ltd. now owns 32,873 shares of the company’s stock worth $1,255,000 after purchasing an additional 13,170 shares during the last quarter. Lester Murray Antman dba SimplyRich raised its position in shares of Qifu Technology by 5.7% during the fourth quarter. Lester Murray Antman dba SimplyRich now owns 14,288 shares of the company’s stock valued at $548,000 after buying an additional 768 shares during the last quarter. Finally, Advisors Preferred LLC acquired a new stake in Qifu Technology during the fourth quarter worth about $41,000. 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.