OneConnect Financial Technology (NASDAQ:OCFT) Cut to Hold at Zacks Investment Research

   2020-10-10 07:10

Zacks Investment Research cut shares of OneConnect Financial Technology (NASDAQ:OCFT) from a buy rating to a hold rating in a research note published on Tuesday, Zacks.com reports.

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 topic of several other research reports. KeyCorp lifted their target price on shares of OneConnect Financial Technology from $22.00 to $28.00 and gave the stock an overweight rating in a report on Thursday, August 6th. JPMorgan Chase & Co. downgraded 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. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $20.38.

OCFT stock opened at $21.69 on Tuesday. OneConnect Financial Technology has a 1 year low of $9.02 and a 1 year high of $28.80. The company has a fifty day simple moving average of $20.83 and a 200 day simple moving average of $17.27.

OneConnect Financial Technology (NASDAQ:OCFT) last released its quarterly earnings data on Tuesday, August 4th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.46. The business had revenue of $109.27 million during the quarter, compared to analyst estimates of $111.66 million.

A number of institutional investors and hedge funds have recently made changes to their positions in OCFT. Principal Financial Group Inc. bought a new position in shares of OneConnect Financial Technology during the 2nd quarter worth about $10,316,000. California Public Employees Retirement System bought a new position in shares of OneConnect Financial Technology during the 2nd quarter worth about $1,358,000. Capital International Investors increased its holdings in shares of OneConnect Financial Technology by 7.9% during the 1st quarter. Capital International Investors now owns 1,466,134 shares of the company’s stock worth $14,881,000 after purchasing an additional 107,434 shares during the period. Tower Research Capital LLC TRC bought a new position in shares of OneConnect Financial Technology during the 1st quarter worth about $50,000. Finally, Deutsche Bank AG bought a new position in shares of OneConnect Financial Technology during the 1st quarter worth about $703,000.

About OneConnect Financial Technology

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.

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