Krane Funds Advisors LLC Invests $48.19 Million in 360 DigiTech, Inc. (NASDAQ:QFIN)

Krane Funds Advisors LLC purchased a new position in shares of 360 DigiTech, Inc. (NASDAQ:QFIN) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,151,809 shares of the company’s stock, valued at approximately $48,192,000. 360 DigiTech makes up 1.4% of Krane Funds Advisors LLC’s holdings, making the stock its 15th largest holding. Krane Funds Advisors LLC owned about 0.76% of 360 DigiTech as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Federated Hermes Inc. acquired a new position in shares of 360 DigiTech during the first quarter worth $7,508,000. AQR Capital Management LLC increased its holdings in 360 DigiTech by 32.5% in the first quarter. AQR Capital Management LLC now owns 129,684 shares of the company’s stock valued at $3,373,000 after purchasing an additional 31,784 shares during the period. American Century Companies Inc. increased its holdings in 360 DigiTech by 19.6% in the second quarter. American Century Companies Inc. now owns 33,043 shares of the company’s stock valued at $1,383,000 after purchasing an additional 5,424 shares during the period. Man Group plc increased its holdings in 360 DigiTech by 402.7% in the first quarter. Man Group plc now owns 964,858 shares of the company’s stock valued at $25,096,000 after purchasing an additional 772,935 shares during the period. Finally, Barclays PLC increased its holdings in 360 DigiTech by 262.8% in the first quarter. Barclays PLC now owns 224,971 shares of the company’s stock valued at $5,852,000 after purchasing an additional 162,967 shares during the period. Institutional investors own 49.30% of the company’s stock.

QFIN has been the subject of a number of recent research reports. CLSA decreased their price objective on 360 DigiTech from $39.00 to $27.00 and set a “buy” rating for the company in a report on Monday, August 2nd. TheStreet downgraded 360 DigiTech from a “b-” rating to a “c” rating in a report on Monday, July 19th. Morgan Stanley increased their price objective on 360 DigiTech from $47.00 to $60.00 and gave the company an “overweight” rating in a report on Monday, June 14th. Zacks Investment Research cut shares of 360 DigiTech from a “buy” rating to a “hold” rating in a research report on Tuesday, August 17th. Finally, Citigroup cut their price target on shares of 360 DigiTech from $43.67 to $24.99 and set a “buy” rating on the stock in a research report on Monday, August 23rd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, 360 DigiTech currently has an average rating of “Buy” and a consensus price target of $34.60.

Shares of QFIN stock traded down $0.82 on Friday, reaching $21.11. 1,050,727 shares of the company were exchanged, compared to its average volume of 3,309,812. The company has a market cap of $3.21 billion, a price-to-earnings ratio of 4.12 and a beta of 0.54. The company has a 50-day moving average of $22.31 and a 200-day moving average of $27.35. 360 DigiTech, Inc. has a one year low of $9.67 and a one year high of $45.00.

360 DigiTech (NASDAQ:QFIN) last released its quarterly earnings data on Wednesday, August 18th. The company reported $10.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $7.52 by $2.51. The company had revenue of $619.76 million for the quarter. 360 DigiTech had a net margin of 36.45% and a return on equity of 51.83%. Equities research analysts predict that 360 DigiTech, Inc. will post 5.21 EPS for the current fiscal year.

360 DigiTech Company Profile

360 DigiTech, Inc is a holding company, which engages in the provision of digital consumer finance platform. It provides tailored online consumer finance products to prime, underserved borrowers funded primarily by its funding partners. The company proprietary technology platform supports full transaction lifecycle from credit application through settlement.

Further Reading: S&P/ASX 200 Index

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Institutional Ownership by Quarter for 360 DigiTech (NASDAQ:QFIN)

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