AI Squared Management Ltd Makes New $3.37 Million Investment in Qifu Technology, Inc. (NASDAQ:QFIN)

AI Squared Management Ltd acquired a new stake in Qifu Technology, Inc. (NASDAQ:QFIN) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 213,200 shares of the company’s stock, valued at approximately $3,373,000. Qifu Technology makes up approximately 4.3% of AI Squared Management Ltd’s portfolio, making the stock its 6th biggest position. AI Squared Management Ltd owned 0.13% of Qifu Technology as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Canada Pension Plan Investment Board increased its holdings in shares of Qifu Technology by 138.5% during the third quarter. Canada Pension Plan Investment Board now owns 470,910 shares of the company’s stock valued at $7,233,000 after acquiring an additional 273,500 shares in the last quarter. Acadian Asset Management LLC grew its stake in Qifu Technology by 1,209.4% during the 3rd quarter. Acadian Asset Management LLC now owns 243,365 shares of the company’s stock valued at $3,726,000 after purchasing an additional 224,779 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Qifu Technology in the third quarter worth about $3,249,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Qifu Technology by 96.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 329,454 shares of the company’s stock worth $5,060,000 after purchasing an additional 161,361 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its position in Qifu Technology by 131.7% in the third quarter. Robeco Institutional Asset Management B.V. now owns 266,536 shares of the company’s stock valued at $4,094,000 after buying an additional 151,510 shares during the last quarter. 74.81% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Citigroup upped their price objective on shares of Qifu Technology from $23.54 to $23.80 and gave the company a “buy” rating in a report on Thursday, March 14th.

Qifu Technology Trading Up 5.4 %

QFIN traded up $1.08 during mid-day trading on Thursday, hitting $20.99. 710,477 shares of the stock were exchanged, compared to its average volume of 1,105,966. The company has a market cap of $3.39 billion, a PE ratio of 5.68, a PEG ratio of 0.45 and a beta of 0.57. Qifu Technology, Inc. has a 1-year low of $13.12 and a 1-year high of $20.99. The firm’s fifty day moving average is $18.28 and its two-hundred day moving average is $16.20.

Qifu Technology (NASDAQ:QFIN) last issued its earnings results on Tuesday, March 12th. The company reported $0.96 earnings per share for the quarter, meeting the consensus estimate of $0.96. Qifu Technology had a net margin of 26.29% and a return on equity of 20.44%. The business had revenue of $633.18 million for the quarter, compared to the consensus estimate of $597.09 million. As a group, research analysts anticipate that Qifu Technology, Inc. will post 4.31 earnings per share for the current year.

Qifu Technology Increases Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, April 15th will be issued a dividend of $0.57 per share. This is an increase from Qifu Technology’s previous semi-annual dividend of $0.50. This represents a yield of 5.7%. The ex-dividend date is Friday, April 12th. Qifu Technology’s dividend payout ratio (DPR) is 31.15%.

About Qifu Technology

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.