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

JPMorgan Chase & Co. cut shares of Qfin (NASDAQ:QFIN) from a neutral rating to an underweight rating in a research report released on Wednesday morning, Marketbeat reports. JPMorgan Chase & Co. currently has $9.00 target price on the stock, down from their prior target price of $13.50.

Several other analysts also recently commented on the company. Bank of America reissued a “neutral” rating and issued a $15.33 price objective on shares of Qfin in a research note on Wednesday, May 27th. Deutsche Bank Aktiengesellschaft set a $13.00 target price on Qfin in a research report on Wednesday, August 12th. Zacks Research upgraded Qfin from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Jefferies Financial Group reissued a “buy” rating and issued a $15.40 price target on shares of Qfin in a research report on Wednesday. Finally, Weiss Ratings lowered Qfin from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $12.29.

Qfin Trading Down 4.0%

NASDAQ:QFIN opened at $8.80 on Wednesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.17 and a quick ratio of 2.22. The firm has a 50-day moving average of $13.29 and a 200-day moving average of $13.80. The company has a market cap of $1.07 billion, a PE ratio of 2.12 and a beta of 0.63. Qfin has a one year low of $8.72 and a one year high of $32.69.

Qfin (NASDAQ:QFIN) last posted its earnings results on Friday, August 14th. The company reported $0.55 earnings per share for the quarter. Qfin had a net margin of 22.23% and a return on equity of 15.23%. The company had revenue of $524.96 million for the quarter. As a group, equities research analysts expect that Qfin will post 3.74 EPS for the current fiscal year.

Qfin Cuts Dividend

The company also recently disclosed a dividend, which will be paid on Thursday, October 1st. Shareholders of record on Wednesday, September 9th will be given a $0.46 dividend. This represents a yield of 1,032.0%. The ex-dividend date of this dividend is Wednesday, September 9th. Qfin’s dividend payout ratio is presently 37.02%.

Insider Buying and Selling

In other news, Director Xiaohuan Chen bought 4,000 shares of the company’s stock in a transaction on Tuesday, June 9th. The shares were purchased at an average price of $14.41 per share, with a total value of $57,640.00. Following the transaction, the director directly owned 19,000 shares in the company, valued at $273,790. This represents a 26.67% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 17.10% of the company’s stock.

Hedge Funds Weigh In On Qfin

Several institutional investors have recently modified their holdings of QFIN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Qfin during the first quarter valued at approximately $29,000. Parallel Advisors LLC boosted its position in Qfin by 24.1% in the fourth quarter. Parallel Advisors LLC now owns 3,373 shares of the company’s stock worth $65,000 after purchasing an additional 656 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in Qfin by 14.3% in the fourth quarter. Daiwa Securities Group Inc. now owns 5,600 shares of the company’s stock worth $108,000 after purchasing an additional 700 shares during the last quarter. DGS Capital Management LLC grew its stake in Qfin by 8.8% in the 1st quarter. DGS Capital Management LLC now owns 10,906 shares of the company’s stock valued at $141,000 after purchasing an additional 878 shares during the period. Finally, Lansforsakringar Fondforvaltning AB publ grew its stake in Qfin by 5.4% in the 4th quarter. Lansforsakringar Fondforvaltning AB publ now owns 19,600 shares of the company’s stock valued at $378,000 after purchasing an additional 1,000 shares during the period. 74.81% of the stock is owned by institutional investors.

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.