Qifu Technology, Inc. Sees Notable Drop in Short Interest

Qifu Technology, Inc. (NASDAQ:QFIN) recently experienced a notable decline in short interest during December. As of December 15th, short interest was reported at 2,410,000 shares, which represents a significant 17.7% decrease from the end of November, where the total was 2,930,000 shares. With an average daily trading volume of 1,690,000 shares, the current short-interest ratio stands at 1.4 days.

Institutional Investors and Qifu Technology

Institutional investors have been actively adjusting their holdings in Qifu Technology. Several firms have either established new stakes or altered their existing positions. For instance, Wilmington Savings Fund Society FSB acquired a new stake in Qifu Technology valued at approximately $30,000 during the third quarter. Similarly, Ashton Thomas Private Wealth LLC purchased shares during the second quarter for around $31,000. Other institutional investors include USA Financial Formulas, which bought shares worth about $41,000, and Point72 DIFC Ltd, acquiring a stake valued at approximately $43,000. Venturi Wealth Management LLC also joined by investing $54,000 in shares during the third quarter. It is noteworthy that institutional investors collectively hold 74.81% of the total shares of Qifu Technology.

Recent Trading Activity of Qifu Technology

On the trading front, shares of Qifu Technology (NASDAQ:QFIN) saw a slight decline of 0.2%, landing at $38.18. The trading volume stood at 652,469 shares, in contrast to an average volume of 1,322,235 shares. The company boasts a market capitalization of $6.16 billion, with a price-to-earnings (PE) ratio of 7.73, a price/earnings to growth (PEG) ratio of 0.33, and a beta of 0.64. Over the past year, Qifu Technology's stock has seen a low of $13.71 and a high of $40.31. Additionally, the company's 50-day simple moving average is $35.27, and its 200-day simple moving average is $27.82.

Analysts Update on Qifu Technology's Stock Price

In other news, analysts are updating their price targets for Qifu Technology. Recently, Citigroup raised its price target from $31.44 to $37.50, maintaining a "buy" rating in a research note published on November 21st.

About Qifu Technology

Qifu Technology operates within the credit technology space in the People's Republic of China, primarily under its 360 Jietiao brand. The company provides various credit-driven services aimed at matching borrowers with financial institutions. These services include customer acquisition, initial credit screening, risk assessment, and fund matching. Moreover, it offers platform services such as loan facilitation and post-facilitation services to its financial partners utilizing intelligent credit engines and risk management software.

Qifu, Technology, Short, Interest, Investors