Qfin (NASDAQ:QFIN) Releases Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Qfin (NASDAQ:QFIN) released its quarterly earnings results on Tuesday. The company reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.01), Zacks reports. Qfin had a return on equity of 28.73% and a net margin of 35.09%.The firm had revenue of $585.10 million during the quarter, compared to analyst estimates of $664.95 million.

Qfin Trading Up 1.3%

Shares of Qfin stock opened at $14.62 on Wednesday. Qfin has a 1 year low of $13.81 and a 1 year high of $48.94. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.94 and a quick ratio of 2.94. The business has a 50 day moving average price of $15.65 and a 200 day moving average price of $21.02. The company has a market capitalization of $2.08 billion, a P/E ratio of 2.12, a P/E/G ratio of 0.21 and a beta of 0.49.

Analyst Ratings Changes

QFIN has been the subject of several research reports. JPMorgan Chase & Co. cut Qfin from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $45.00 to $21.00 in a report on Wednesday, November 19th. Weiss Ratings restated a “hold (c)” rating on shares of Qfin in a research report on Monday, December 29th. Finally, Zacks Research downgraded Qfin from a “hold” rating to a “strong sell” rating in a research note on Wednesday, December 17th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $36.85.

Hedge Funds Weigh In On Qfin

A number of institutional investors have recently made changes to their positions in QFIN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Qfin in the first quarter valued at $29,000. Caitong International Asset Management Co. Ltd increased its position in Qfin by 415.9% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,636 shares of the company’s stock worth $51,000 after purchasing an additional 2,125 shares in the last quarter. Parallel Advisors LLC raised its stake in Qfin by 24.1% in the 4th quarter. Parallel Advisors LLC now owns 3,373 shares of the company’s stock valued at $65,000 after purchasing an additional 656 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in Qfin by 23.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 5,358 shares of the company’s stock valued at $103,000 after purchasing an additional 1,016 shares during the last quarter. Finally, Daiwa Securities Group Inc. lifted its holdings in Qfin by 14.3% in the 4th quarter. Daiwa Securities Group Inc. now owns 5,600 shares of the company’s stock valued at $108,000 after purchasing an additional 700 shares in the last quarter. 74.81% of the stock is owned by institutional investors and hedge funds.

About Qfin

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.