JPMorgan Chase & Co. Cuts Qfin (NASDAQ:QFIN) Price Target to $13.50

Qfin (NASDAQ:QFIN) had its price objective decreased by JPMorgan Chase & Co. from $14.50 to $13.50 in a research report report published on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Bank of America reaffirmed a “neutral” rating and issued a $15.33 target price on shares of Qfin in a report on Wednesday, May 27th. Weiss Ratings cut Qfin from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, July 13th. Finally, Zacks Research raised Qfin from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Qfin presently has an average rating of “Hold” and a consensus target price of $16.31.

Qfin Price Performance

Shares of QFIN opened at $12.49 on Tuesday. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.03. The company’s fifty day simple moving average is $14.16 and its 200 day simple moving average is $14.15. Qfin has a 1-year low of $11.31 and a 1-year high of $34.54. The company has a market cap of $1.52 billion, a price-to-earnings ratio of 2.29 and a beta of 0.63.

Qfin (NASDAQ:QFIN) last announced its quarterly earnings results on Friday, May 15th. The company reported $1.12 EPS for the quarter. Qfin had a net margin of 27.48% and a return on equity of 20.85%. The firm had revenue of $567.01 million during the quarter. On average, research analysts forecast that Qfin will post 3.74 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Xiaohuan Chen acquired 4,000 shares of the firm’s stock in a transaction on Tuesday, June 9th. The shares were purchased at an average cost of $14.41 per share, for a total transaction of $57,640.00. Following the completion of the acquisition, the director directly owned 19,000 shares in the company, valued at approximately $273,790. This trade represents a 26.67% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 17.10% of the stock is currently owned by company insiders.

Institutional Trading of Qfin

A number of hedge funds have recently modified their holdings of QFIN. FountainVest China Capital Partners GP3 Ltd. acquired a new position in Qfin in the 2nd quarter valued at about $95,483,341,000. Triata Capital Ltd raised its holdings in Qfin by 188.3% in the 4th quarter. Triata Capital Ltd now owns 3,125,331 shares of the company’s stock valued at $60,225,000 after acquiring an additional 2,041,351 shares during the period. Norges Bank acquired a new stake in Qfin during the fourth quarter worth approximately $30,436,000. Goldman Sachs Group Inc. lifted its position in Qfin by 198.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,842,278 shares of the company’s stock worth $35,501,000 after acquiring an additional 1,224,164 shares during the last quarter. Finally, Marshall Wace LLP boosted its holdings in shares of Qfin by 1,050.6% during the third quarter. Marshall Wace LLP now owns 790,665 shares of the company’s stock worth $22,755,000 after acquiring an additional 721,950 shares during the period. Institutional investors and hedge funds own 74.81% of the company’s stock.

Qfin Company Profile

360 DigiTech, Inc (NASDAQ: QFIN) is a China‐based fintech company that specializes in providing digital lending solutions to underserved consumer and small business markets. Leveraging proprietary credit assessment technologies and big data analytics, the company connects borrowers with a network of financial institutions and investors through its online platform. Its services encompass unsecured consumer loans, installment credit products, and working capital financing for micro and small enterprises.

The company’s flagship platform offers an end‐to‐end digital lending experience, from application and credit evaluation to disbursement and repayment.