Qfin (NASDAQ:QFIN) Reaches New 1-Year Low After Earnings Miss

Qfin Holdings Inc. - Sponsored ADR (NASDAQ:QFIN - Get Free Report) shares reached a new 52-week low during mid-day trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $19.35 and last traded at $19.6370, with a volume of 138035 shares trading hands. The stock had previously closed at $22.42.

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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 30.74% and a net margin of 38.66%.The business had revenue of $731.04 million during the quarter, compared to analysts' expectations of $693.21 million.

Wall Street Analysts Forecast Growth

QFIN has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. downgraded Qfin from an "overweight" rating to a "neutral" rating and set a $21.00 price objective on the stock. in a research report on Wednesday. Zacks Research cut shares of Qfin from a "hold" rating to a "strong sell" rating in a research report on Tuesday, October 14th. Weiss Ratings downgraded Qfin from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Saturday, October 25th. Finally, Wall Street Zen cut Qfin from a "buy" rating to a "hold" rating in a research note on Friday, August 22nd. 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $37.07.

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Get Our Latest Stock Report on QFIN

Institutional Investors Weigh In On Qfin

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SVB Wealth LLC bought a new position in shares of Qfin in the first quarter worth approximately $28,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Qfin in the 1st quarter worth $29,000. Hantz Financial Services Inc. raised its holdings in Qfin by 472.9% during the second quarter. Hantz Financial Services Inc. now owns 739 shares of the company's stock valued at $32,000 after acquiring an additional 610 shares during the period. Hoey Investments Inc. bought a new stake in Qfin during the second quarter valued at about $33,000. Finally, iA Global Asset Management Inc. raised its holdings in Qfin by 250.2% during the second quarter. iA Global Asset Management Inc. now owns 823 shares of the company's stock valued at $36,000 after acquiring an additional 588 shares during the period. 74.81% of the stock is owned by hedge funds and other institutional investors.

Qfin Stock Performance

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The company has a quick ratio of 3.48, a current ratio of 3.48 and a debt-to-equity ratio of 0.20. The business has a 50 day moving average price of $26.50 and a two-hundred day moving average price of $34.47. The stock has a market cap of $2.79 billion, a P/E ratio of 2.77, a price-to-earnings-growth ratio of 0.23 and a beta of 0.39.

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.

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