Qifu Technology (QFIN), a leading credit-tech platform in China, saw its stock soar 5.15% in Wednesday's trading session, marking a significant rebound after a sharp decline earlier in the day. This recovery comes as a surprise to many investors, given the initial negative reaction to the company's third-quarter earnings report.

Earlier in the day, QFIN's stock had plummeted by more than 13% following the release of its Q3 results, which showed a decline in non-GAAP earnings. The disappointing figures prompted several analysts to revise their outlook on the stock. Jefferies cut its target price for Qifu Technology from $40 to $30.3, while JP Morgan downgraded the stock from Overweight to Neutral and slashed its target price from $45 to $21.

Despite the initial setback, it appears that investors may have found value in the stock at its lower price point, leading to the subsequent rally. The turnaround in QFIN's stock price suggests that some market participants believe the sell-off may have been overdone, or that the company's long-term prospects remain solid despite the quarterly earnings miss. As the fintech sector continues to evolve rapidly, investors will be closely watching Qifu Technology's performance in the coming quarters to determine if this rebound is sustainable.