We recently published a list of 10 Stocks Outperform Broader Market on Wednesday. In this article, we are going to take a look at where Qifu Technology Inc. (NASDAQ:QFIN) stands against other stocks that outperform broader market on Wednesday.

The stock market finished in the red territory on Wednesday as investors sold off positions to mitigate risks from a fresh round of tariffs due in the next few days.

The tech-heavy Nasdaq fell the hardest, down 2.04 percent, followed by the S&P 500, down 1.12 percent. The Dow Jones declined by 0.31 percent.

According to President Donald Trump, all cars made outside of the US would be slapped with a 25-percent tariff beginning April 2.

Meanwhile, let us take a look at the 10 companies across mixed sectors that defied a broader market downturn, having registered modest to strong gains during the trading session.

To come up with the list, we considered only the stocks with $2 billion market capitalization and $5 million in trading volume.Why Qifu Technology Inc. (QFIN) Is Skyrocketing?

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Qifu Technology Inc. (NASDAQ:QFIN)

Qifu Technology rallied by 4.84 percent on Wednesday to close at $46.37 each after Bank of America upgraded its stock rating for the company.

On Wednesday, Bank of America analyst Emma Xu raised the price target for QFIN to $52.70 from $50.66 previously and maintained a Buy rating on the stock. The price target represented a 13.6-percent upside from QFIN’s closing price on Wednesday.

The more bullish outlook followed QFIN’s announcement of a $600-million convertible bond sale to support its March 2025 share repurchase program. The notes will carry an annual interest rate of 0.50 percent with payments due every six months.

The initial conversion rate for the notes was set at 16.7475 American Depositary Shares for every $1,000 of principal, corresponding to an initial conversion price of $59.71 per ADS.

According to the company, proceeds from the notes will be used to fund its buyback program.

Overall, QFIN ranks 5th on our list of stocks that outperform broader market on Wednesday. While we acknowledge the potential of QFIN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as QFIN but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires

Disclosure: None. This article is originally published at Insider Monkey.

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