Qfin (NASDAQ:QFIN) Reaches New 12-Month Low on Disappointing Earnings

Shares of Qfin Holdings Inc. – Sponsored ADR (NASDAQ:QFIN) reached a new 52-week low during trading on Wednesday following a dissappointing earnings announcement. The stock traded as low as $13.51 and last traded at $13.8590, with a volume of 722174 shares trading hands. The stock had previously closed at $14.43.

The company reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.01). The business had revenue of $585.10 million during the quarter, compared to analyst estimates of $664.95 million. Qfin had a net margin of 35.09% and a return on equity of 28.73%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on QFIN. JPMorgan Chase & Co. cut Qfin from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $45.00 to $21.00 in a research note on Wednesday, November 19th. Weiss Ratings reissued a “hold (c)” rating on shares of Qfin in a research note on Monday, December 29th. Finally, Zacks Research cut Qfin from a “hold” rating to a “strong sell” rating in a research note on Wednesday, December 17th. One investment analyst has 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 data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $36.85.

Hedge Funds Weigh In On Qfin

Institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its position in shares of Qfin by 51.7% in the first quarter. Royal Bank of Canada now owns 6,508 shares of the company’s stock worth $293,000 after purchasing an additional 2,219 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Qfin in the 1st quarter worth approximately $29,000. Goldman Sachs Group Inc. increased its holdings in shares of Qfin by 32.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,603,830 shares of the company’s stock worth $72,028,000 after buying an additional 395,589 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Qfin by 32.6% during the second quarter. PNC Financial Services Group Inc. now owns 3,147 shares of the company’s stock valued at $136,000 after purchasing an additional 774 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Qfin by 3.9% during the 2nd quarter. SG Americas Securities LLC now owns 30,410 shares of the company’s stock valued at $1,319,000 after buying an additional 1,128 shares in the last quarter. 74.81% of the stock is currently owned by institutional investors.

Qfin Price Performance

The company has a debt-to-equity ratio of 0.20, a current ratio of 2.94 and a quick ratio of 2.94. The stock has a market capitalization of $1.94 billion, a PE ratio of 2.02, a P/E/G ratio of 0.21 and a beta of 0.49. The firm’s 50 day simple moving average is $15.65 and its 200 day simple moving average is $21.02.

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.