Qudian Inc (NYSE:QD) Stock Continues to Move in a Range
Leading China based technology platform company Qudian Inc (NYSE:QD), which is primarily involved in the consumer finance space, may not be in focus among investors right now but it could be a good idea to take a closer look into it.
Market Stats
On Friday, QD stock fell 1.78% at $1.6600 with more than 2.96 million shares, compared to its average volume of 1.17 million shares. The stock has moved within a range of $1.6249 – 1.7117 after opening the trade at $1.6800.
Latest News
The stock was trading within a range on Friday but it should be noted that it was not surprising considering the fact that there has been no news about the company lately. The last time Qudian was in the news was back on August 24 when it announced its financial results for the fourth fiscal quarter that had ended on June 30, 2021.
In this context, it might be a good idea to perhaps take a look at some of the highlights from the results. The total number of outstanding borrowers on the company’s loan book business actually declined by as much as 3.8% to hit 2.9 million on a sequential basis.
The decline was primarily due to the fact that Qudian had decided to adopt to a conservative strategy with regards to its business operations. The total outstanding loan balance had also decline to RMB3.5 billion, which reflected a sequential drop of 13.8%.
Traders Corner
QD stock is trading below the 20-Day and 200-Day Moving averages of $1.69 and $2.06 respectively. However, the stock is trading above the 50-Day moving average of $1.63. The stock is up 13% in the past month.
