OneConnect Financial Technology Co. (NASDAQ:OCFT) Given Average Recommendation of “Buy” by Brokerages
OneConnect Financial Technology Co. (NASDAQ:OCFT) has received a consensus rating of “Buy” from the six brokerages that are covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $20.22.
Several equities research analysts have recently commented on the stock. Zacks Investment Research upgraded shares of OneConnect Financial Technology from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research note on Saturday. JPMorgan Chase & Co. lowered shares of OneConnect Financial Technology from an “overweight” rating to a “neutral” rating and set a $24.00 target price on the stock. in a report on Tuesday, July 21st. Finally, KeyCorp boosted their target price on shares of OneConnect Financial Technology from $22.00 to $28.00 and gave the company an “overweight” rating in a report on Thursday, August 6th.
Shares of OCFT opened at $19.48 on Monday. OneConnect Financial Technology has a twelve month low of $9.02 and a twelve month high of $28.80. The company has a 50 day moving average of $21.77 and a two-hundred day moving average of $16.04.
OneConnect Financial Technology (NASDAQ:OCFT) last announced its earnings results on Tuesday, August 4th. The company reported $0.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.46. The firm had revenue of $109.27 million during the quarter, compared to analyst estimates of $111.66 million.
Several hedge funds have recently modified their holdings of the company. Pendal Group Ltd lifted its holdings in shares of OneConnect Financial Technology by 12.0% in the 2nd quarter. Pendal Group Ltd now owns 13,375 shares of the company’s stock worth $244,000 after acquiring an additional 1,434 shares during the last quarter. Asset Management One Co. Ltd. purchased a new stake in OneConnect Financial Technology during the 1st quarter worth approximately $28,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. purchased a new stake in shares of OneConnect Financial Technology in the 2nd quarter valued at approximately $54,000. Tower Research Capital LLC TRC purchased a new stake in shares of OneConnect Financial Technology in the 1st quarter valued at approximately $50,000. Finally, Edmond DE Rothschild Holding S.A. purchased a new stake in shares of OneConnect Financial Technology in the 2nd quarter valued at approximately $221,000.
OneConnect Financial Technology Company Profile
OneConnect Financial Technology Co, Ltd. operates as a technology-as-a-service platform for financial institutions in the People’s Republic of China. The company provides cloud-platform-based Fintech solutions, and online information and operating support services. It offers digital retail banking, small and medium enterprises (SME) financing and services, retail and SME banking risk-management, auto insurance operations and services, asset management, asset-liability management, artificial intelligence customer service, core systems, and insurance sales management solutions.
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