Qifu Technology (NASDAQ:QFIN) Stock Price Up 8.1% - Is It Time to Buy?

Qifu Technology, Inc. (NASDAQ:QFIN) saw its shares increase by 8.1% during trading on Wednesday. The stock reached a high of $42.48 and closed at $42.89. In total, approximately 306,622 shares exchanged hands, which is a significant drop of 74% compared to the average daily volume of 1,195,179 shares. Before this surge, the stock had its previous close at $39.68.

Reasons Behind the Stock Price Surge

An important factor driving the stock price up is the recent upgrade from Citigroup. They raised their price target for Qifu Technology from $31.44 to $37.50, while also assigning a "buy" rating to the stock in a report released on November 21st.

Current Trading Performance

As of now, Qifu Technology has a market capitalization of $6.80 billion, with a price-to-earnings (P/E) ratio of 8.73 and a price-to-earnings growth (P/E/G) ratio of 0.32. The data shows a beta value of 0.59, indicating lower volatility compared to the market. Its fifty-day moving average stands at $39.98, whereas the two-hundred-day moving average is $34.51.

Hedge Fund Activities

Recent activity among hedge funds indicates growing interest in Qifu Technology. For instance, Mackenzie Financial Corp increased its stake by 48.6% in the fourth quarter, now holding 483,387 shares worth approximately $18,552,000, after acquiring an additional 158,013 shares. GF Fund Management CO. LTD. also entered a new position valued at approximately $8,736,000. Moreover, the Public Employees Retirement System of Ohio boosted its investment in the company by 43.3%, owning 407,993 shares worth $15,659,000. Other notable investments include Vise Technologies Inc. and Vident Advisory LLC, both showing growth in their respective holdings in Qifu Technology. Overall, 74.81% of the company’s stock is owned by hedge funds and other institutional investors.

About Qifu Technology

Qifu Technology, Inc. operates a credit-tech platform under the brand name 360 Jietiao in the People's Republic of China. It provides various credit-driven services, including customer acquisition, credit assessment, and risk management, by connecting borrowers with financial institutions. Its offerings also encompass loan facilitation and related services through its intelligent credit engine.

Investment Considerations

Investors contemplating whether to buy $1,000 in Qifu Technology should proceed with caution. While analysts currently hold a "Buy" rating on the stock, there are other opportunities that top analysts have identified as potentially more promising. It's advisable to explore these alternatives before making any investment decisions.

Qifu, Stocks, Investment