Qifu Technology, Inc. (QFIN) shares ended the last trading session 6.2% higher at $38.63. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 15.8% loss over the past four weeks.
The stock has recorded this price rise as the company benefits from a decline in the delinquency rate after 30-day collection on the overall loan portfolio. Furthermore, an increase in total loan facilitation and origination volume on the company’s platform aided the growth.
This company is expected to post quarterly earnings of $1.72 per share in its upcoming report, which represents a year-over-year change of +68.6%. Revenues are expected to be $615.6 million, up 7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Qifu Technology, Inc., the consensus EPS estimate for the quarter has been revised 31% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on QFIN going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Qifu Technology, Inc. is part of the Zacks Technology Services industry. Allot Communications (ALLT), another stock in the same industry, closed the last trading session 9% higher at $5.82. ALLT has returned -4% in the past month.
Allot Communications' consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.05. Compared to the company's year-ago EPS, this represents a change of -66.7%. Allot Communications currently boasts a Zacks Rank of #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Qifu Technology, Inc. (QFIN) : Free Stock Analysis Report
Allot Ltd. (ALLT) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.