Lazard Asset Management LLC cut its holdings in Qfin Holdings Inc. – Sponsored ADR (NASDAQ:QFIN – Free Report) by 67.4% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 115,828 shares of the company’s stock after selling 239,027 shares during the quarter. Lazard Asset Management LLC’s holdings in Qfin were worth $1,495,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Qfin during the 1st quarter worth about $29,000. SBI Securities Co. Ltd. raised its stake in shares of Qfin by 6,796.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,931 shares of the company’s stock worth $37,000 after acquiring an additional 1,903 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its stake in shares of Qfin by 415.9% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,636 shares of the company’s stock worth $51,000 after acquiring an additional 2,125 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Qfin by 24.1% during 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 in the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in shares of Qfin by 23.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,358 shares of the company’s stock worth $103,000 after purchasing an additional 1,016 shares in the last quarter. 74.81% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts recently weighed in on QFIN shares. Zacks Research upgraded shares of Qfin from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Weiss Ratings downgraded Qfin from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, July 13th. Finally, Bank of America reaffirmed a “neutral” rating and set a $15.33 price target on shares of Qfin in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $19.91.
Insider Transactions at Qfin
In related news, Director Xiaohuan Chen bought 4,000 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The stock was bought at an average cost of $14.41 per share, for a total transaction of $57,640.00. Following the transaction, the director owned 19,000 shares of the company’s stock, valued at $273,790. This represents a 26.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 17.10% of the company’s stock.
Qfin Stock Performance
Shares of Qfin stock opened at $13.56 on Wednesday. The firm has a fifty day moving average of $14.57 and a two-hundred day moving average of $14.34. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.22 and a current ratio of 2.22. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of 2.48 and a beta of 0.63. Qfin Holdings Inc. – Sponsored ADR has a 52 week low of $11.31 and a 52 week high of $34.95.
Qfin (NASDAQ:QFIN – Get Free Report) last posted its quarterly earnings results on Friday, May 15th. The company reported $1.12 earnings per share (EPS) for the quarter. The business had revenue of $567.01 million for the quarter. Qfin had a return on equity of 20.85% and a net margin of 27.48%. As a group, equities research analysts predict that Qfin Holdings Inc. – Sponsored ADR will post 3.85 EPS for the current year.
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.
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