Qfin (NASDAQ:QFIN) Issues Quarterly Earnings Results, Beats Estimates By $0.14 EPS

Qfin (NASDAQ:QFIN) released its earnings results on Tuesday. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.14, FiscalAI reports. Qfin had a net margin of 27.48% and a return on equity of 20.85%. The company had revenue of $524.96 million for the quarter, compared to analyst estimates of $562.45 million.

Qfin Trading Up 4.9%

Shares of Qfin stock traded up $0.54 during trading hours on Tuesday, reaching $11.53. The stock had a trading volume of 9,317,879 shares, compared to its average volume of 1,529,241. The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of 2.11 and a beta of 0.63. Qfin has a 1 year low of $10.85 and a 1 year high of $32.69. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.03. The firm has a 50 day simple moving average of $13.72 and a two-hundred day simple moving average of $13.95.

Insider Activity

In other Qfin news, Director Xiaohuan Chen bought 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The stock was purchased at an average price of $14.41 per share, with a total value of $57,640.00. Following the transaction, the director owned 19,000 shares in the company, valued at $273,790. This trade represents a 26.67% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 17.10% of the company’s stock.

Institutional Investors Weigh In On Qfin

Large investors have recently made changes to their positions in the business. WINTON GROUP Ltd acquired a new stake in Qfin in the 4th quarter valued at $262,000. Advisory Services Network LLC acquired a new position in shares of Qfin during the third quarter worth about $203,000. Shelton Capital Management purchased a new stake in shares of Qfin in the third quarter worth about $210,000. Prelude Capital Management LLC boosted its position in shares of Qfin by 138.6% in the third quarter. Prelude Capital Management LLC now owns 11,931 shares of the company’s stock worth $343,000 after buying an additional 6,931 shares during the period. Finally, Credit Agricole S A purchased a new stake in shares of Qfin in the third quarter worth about $224,000. Institutional investors and hedge funds own 74.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on QFIN shares. Deutsche Bank Aktiengesellschaft set a $13.00 price objective on shares of Qfin in a research report on Wednesday, August 12th. Zacks Research upgraded shares of Qfin from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Bank of America reaffirmed a “neutral” rating and issued a $15.33 target price on shares of Qfin in a research note on Wednesday, May 27th. Weiss Ratings downgraded Qfin from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, July 13th. Finally, JPMorgan Chase & Co. reduced their price target on Qfin from $14.50 to $13.50 and set a “neutral” rating on the stock in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $16.31.

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.