AI Squared Management Ltd Makes New $3.37 Million Investment in Qifu Technology, Inc. (NASDAQ:QFIN)

AI Squared Management Ltd purchased a new stake in Qifu Technology, Inc. (NASDAQ:QFIN) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 213,200 shares of the company’s stock, valued at approximately $3,373,000. Qifu Technology makes up about 4.3% of AI Squared Management Ltd’s investment portfolio, making the stock its 6th biggest holding.

Several other hedge funds and other institutional investors also recently made changes to their positions in QFIN. Canada Pension Plan Investment Board raised its holdings in shares of Qifu Technology by 138.5% during the 3rd quarter. Canada Pension Plan Investment Board now owns 470,910 shares of the company’s stock worth $7,233,000 after buying an additional 273,500 shares in the last quarter. Acadian Asset Management LLC raised its holdings in Qifu Technology by 1,209.4% during the 3rd quarter. Acadian Asset Management LLC now owns 243,365 shares of the company’s stock worth $3,726,000 after purchasing an additional 224,779 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Qifu Technology during the third quarter worth approximately $3,249,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Qifu Technology by 96.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 329,454 shares of the company’s stock worth $5,060,000 after buying an additional 161,361 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its stake in Qifu Technology by 131.7% during the third quarter. Robeco Institutional Asset Management B.V. now owns 266,536 shares of the company’s stock worth $4,094,000 after acquiring an additional 151,510 shares in the last quarter. 74.81% of the stock is currently owned by institutional investors and hedge funds.

Qifu Technology Stock Performance

NASDAQ:QFIN traded up $1.08 on Thursday, hitting $20.99. The stock had a trading volume of 710,477 shares, compared to its average volume of 1,105,966. The stock has a market cap of $3.39 billion, a P/E ratio of 5.68, a price-to-earnings-growth ratio of 0.45 and a beta of 0.57. The firm’s fifty day simple moving average is $18.28 and its two-hundred day simple moving average is $16.20. Qifu Technology, Inc. has a 1 year low of $13.12 and a 1 year high of $20.99.

Qifu Technology (NASDAQ:QFIN) last posted its quarterly earnings results on Tuesday, March 12th. The company reported $0.96 earnings per share for the quarter, hitting the consensus estimate of $0.96. The company had revenue of $633.18 million during the quarter, compared to the consensus estimate of $597.09 million. Qifu Technology had a return on equity of 20.44% and a net margin of 26.29%. Equities research analysts predict that Qifu Technology, Inc. will post 4.31 EPS for the current year.

Qifu Technology Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, April 15th will be paid a $0.57 dividend. The ex-dividend date is Friday, April 12th. This represents a yield of 5.7%. This is an increase from Qifu Technology’s previous semi-annual dividend of $0.50. Qifu Technology’s dividend payout ratio (DPR) is currently 31.15%.

Wall Street Analysts Forecast Growth

Separately, Citigroup boosted their target price on Qifu Technology from $23.54 to $23.80 and gave the company a “buy” rating in a research report on Thursday, March 14th.

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.