Qfin (NASDAQ:QFIN) Cut to “Neutral” at JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered shares of Qfin (NASDAQ:QFIN) from an overweight rating to a neutral rating in a research report report published on Wednesday morning, MarketBeat reports. JPMorgan Chase & Co. currently has $21.00 price objective on the stock, down from their prior price objective of $45.00.

Several other research analysts have also recently issued reports on QFIN. Zacks Research cut Qfin from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. Wall Street Zen downgraded Qfin from a “buy” rating to a “hold” rating in a research report on Friday, August 22nd. Finally, Weiss Ratings downgraded Qfin from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $36.85.

Qfin Trading Down 0.4%

QFIN stock opened at $18.10 on Wednesday. Qfin has a 12 month low of $17.61 and a 12 month high of $48.94. The firm’s 50-day moving average is $25.91 and its 200 day moving average is $34.08. The company has a market capitalization of $2.57 billion, a PE ratio of 2.64, a P/E/G ratio of 0.19 and a beta of 0.39. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.94 and a quick ratio of 3.48.

Qfin (NASDAQ:QFIN) last issued its earnings results on Tuesday, November 18th. The company reported $1.52 EPS for the quarter, missing analysts’ consensus estimates of $1.68 by ($0.16). The company had revenue of $731.04 million during the quarter, compared to the consensus estimate of $693.21 million. Qfin had a return on equity of 28.73% and a net margin of 35.09%. On average, research analysts anticipate that Qfin will post 5.71 EPS for the current year.

Hedge Funds Weigh In On Qfin

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Aspex Management HK Ltd boosted its holdings in shares of Qfin by 30.5% in the 2nd quarter. Aspex Management HK Ltd now owns 6,612,366 shares of the company’s stock valued at $286,712,000 after buying an additional 1,547,312 shares in the last quarter. Krane Funds Advisors LLC grew its holdings in Qfin by 25.1% in the third quarter. Krane Funds Advisors LLC now owns 6,344,592 shares of the company’s stock worth $182,597,000 after purchasing an additional 1,271,942 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Qfin by 0.7% during the first quarter. Vanguard Group Inc. now owns 4,572,985 shares of the company’s stock worth $205,373,000 after purchasing an additional 31,155 shares in the last quarter. Greenwoods Asset Management Hong Kong Ltd. lifted its holdings in shares of Qfin by 22.6% during the 2nd quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 3,295,438 shares of the company’s stock valued at $142,890,000 after purchasing an additional 606,446 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of Qfin by 20.8% in the 1st quarter. Alliancebernstein L.P. now owns 2,901,566 shares of the company’s stock worth $130,309,000 after purchasing an additional 500,573 shares in the last quarter. Hedge funds and other institutional investors own 74.81% of the company’s stock.

Qfin Company Profile

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.