Qfin (NASDAQ:QFIN) Downgraded by JPMorgan Chase & Co. to “Neutral”

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

Other equities research analysts have also issued reports about the stock. Wall Street Zen lowered shares of Qfin from a “buy” rating to a “hold” rating in a report on Friday, August 22nd. Weiss Ratings lowered shares of Qfin from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Finally, Zacks Research downgraded shares of Qfin from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Two equities research analysts have 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, Qfin has an average rating of “Hold” and an average target price of $37.07.

Qfin Trading Down 14.2%

Shares of QFIN opened at $19.23 on Wednesday. Qfin has a 52-week low of $18.66 and a 52-week high of $48.94. The business’s fifty day moving average is $26.32 and its 200-day moving average is $34.36. The company has a debt-to-equity ratio of 0.20, a quick ratio of 3.48 and a current ratio of 3.48. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of 2.80, a PEG ratio of 0.23 and a beta of 0.39.

Qfin (NASDAQ:QFIN) last announced its quarterly earnings data on Tuesday, November 18th. The company reported $1.52 earnings per share for the quarter, missing the consensus estimate of $1.68 by ($0.16). Qfin had a return on equity of 29.00% and a net margin of 35.09%.The business had revenue of $731.04 million for the quarter, compared to the consensus estimate of $693.21 million. Equities analysts anticipate that Qfin will post 5.71 EPS for the current fiscal year.

Hedge Funds Weigh In On Qfin

A number of hedge funds have recently modified their holdings of QFIN. Bank of New York Mellon Corp increased its holdings in Qfin by 6.1% in the first quarter. Bank of New York Mellon Corp now owns 125,955 shares of the company’s stock valued at $5,657,000 after purchasing an additional 7,197 shares during the period. Cerity Partners LLC acquired a new stake in shares of Qfin in the first quarter valued at about $373,000. Allianz Asset Management GmbH raised its position in shares of Qfin by 58.7% during the first quarter. Allianz Asset Management GmbH now owns 738,148 shares of the company’s stock worth $33,150,000 after acquiring an additional 273,064 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Qfin in the first quarter worth approximately $680,000. Finally, Panview Capital Ltd bought a new stake in Qfin in the first quarter valued at approximately $24,925,000. Institutional investors and hedge funds 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.