OneConnect Financial Technology (NASDAQ:OCFT) Upgraded to Buy by Zacks Investment Research

Rob Hiaasen 2020-10-08 10:10

Zacks Investment Research upgraded shares of OneConnect Financial Technology (NASDAQ:OCFT) from a hold rating to a buy rating in a research report released on Wednesday morning, Zacks.com reports. The firm currently has $23.00 target price on the stock.

According to Zacks, “OneConnect Financial Technology Co. Ltd. engages in providing cloud-native technology solutions to financial institutions primarily in China. Its solutions offer technology applications and technology-enabled business services to financial institutions. OneConnect Financial Technology Co. Ltd. is headquartered in Shenzhen, China. “

OCFT has been the subject of several other reports. KeyCorp boosted their price target on shares of OneConnect Financial Technology from $22.00 to $28.00 and gave the stock an overweight rating in a research note on Thursday, August 6th. JPMorgan Chase & Co. lowered OneConnect Financial Technology from an overweight rating to a neutral rating and set a $24.00 target price for the company. in a research note on Tuesday, July 21st. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. OneConnect Financial Technology currently has an average rating of Buy and an average price target of $20.38.

NASDAQ:OCFT opened at $21.80 on Wednesday. The business has a 50 day moving average of $20.81 and a 200 day moving average of $17.16. OneConnect Financial Technology has a 1-year low of $9.02 and a 1-year high of $28.80.

OneConnect Financial Technology (NASDAQ:OCFT) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of ($0.15) by $0.46. The business had revenue of $109.27 million for the quarter, compared to analysts’ expectations of $111.66 million.

Institutional investors and hedge funds have recently made changes to their positions in the business. Pendal Group Ltd increased its position in shares of OneConnect Financial Technology by 12.0% in the second quarter. Pendal Group Ltd now owns 13,375 shares of the company’s stock valued at $244,000 after acquiring an additional 1,434 shares during the period. Asset Management One Co. Ltd. bought a new stake in shares of OneConnect Financial Technology in the first quarter worth about $28,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. purchased a new position in OneConnect Financial Technology during the 2nd quarter valued at about $54,000. Tower Research Capital LLC TRC bought a new position in OneConnect Financial Technology during the 1st quarter valued at approximately $50,000. Finally, Edmond DE Rothschild Holding S.A. purchased a new stake in OneConnect Financial Technology in the 2nd quarter worth approximately $221,000.

OneConnect Financial Technology Company Profile

OneConnect Financial Technology Co, Ltd. provides cloud-platform-based Fintech solutions, and online information and operating support services for financial institutions in the People’s Republic of China. 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.