Qifu Technology (NASDAQ:QFIN) Shares Gap Up – Here’s What Happened

Shares of Qifu Technology, Inc. (NASDAQ:QFIN) gapped up before the market opened on Friday . The stock had previously closed at $39.97, but opened at $43.12. Qifu Technology shares last traded at $42.73, with a volume of 403,284 shares.

Analyst Upgrades and Downgrades

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

Qifu Technology Stock Performance

The company’s fifty day simple moving average is $40.32 and its two-hundred day simple moving average is $35.14. The company has a market capitalization of $6.64 billion, a price-to-earnings ratio of 8.53, a price-to-earnings-growth ratio of 0.32 and a beta of 0.59.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Mackenzie Financial Corp lifted its holdings in Qifu Technology by 48.6% in the fourth quarter. Mackenzie Financial Corp now owns 483,387 shares of the company’s stock worth $18,552,000 after acquiring an additional 158,013 shares during the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of Qifu Technology during the 4th quarter worth approximately $8,736,000. Public Employees Retirement System of Ohio lifted its holdings in shares of Qifu Technology by 43.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 407,993 shares of the company’s stock worth $15,659,000 after purchasing an additional 123,292 shares during the last quarter. Vise Technologies Inc. acquired a new position in Qifu Technology during the 4th quarter valued at approximately $239,000. Finally, Vident Advisory LLC boosted its position in Qifu Technology by 9.2% during the 4th quarter. Vident Advisory LLC now owns 19,191 shares of the company’s stock valued at $737,000 after purchasing an additional 1,621 shares during the period. 74.81% of the stock is currently owned by institutional investors.

About Qifu Technology

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.