OneConnect Financial Technology OCFT) Stock Rating Upgraded by Zacks Investment Research

   2020-10-17 08:10

Zacks Investment Research upgraded shares of OneConnect Financial Technology (NASDAQ:OCFT) from a hold rating to a buy rating in a report issued on Tuesday, Zacks.com reports. They currently have $24.00 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. “



A number of other research firms have also commented on OCFT. KeyCorp raised their price objective 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 shares of OneConnect Financial Technology from an overweight rating to a neutral rating and set a $24.00 price objective for the company. in a research note on Tuesday, July 21st. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock has an average rating of Hold and an average price target of $20.55.

OneConnect Financial Technology stock opened at $19.75 on Tuesday. The firm’s 50 day moving average price is $20.74 and its two-hundred day moving average price is $17.63. 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 data on Tuesday, August 4th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates 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 large investors have recently modified their holdings of the business. Invesco Ltd. boosted its stake in shares of OneConnect Financial Technology by 6.4% during the 1st quarter. Invesco Ltd. now owns 17,720,172 shares of the company’s stock valued at $179,859,000 after buying an additional 1,067,000 shares during the period. Capital International Investors boosted its stake 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 valued at $14,881,000 after buying an additional 107,434 shares during the period. LA Financiere DE L Echiquier boosted its stake in shares of OneConnect Financial Technology by 110.6% during the 2nd quarter. LA Financiere DE L Echiquier now owns 785,000 shares of the company’s stock valued at $14,334,000 after buying an additional 412,210 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of OneConnect Financial Technology by 20.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 776,600 shares of the company’s stock valued at $14,181,000 after buying an additional 131,293 shares during the period. Finally, Krane Funds Advisors LLC acquired a new stake in shares of OneConnect Financial Technology in the 2nd quarter valued at $11,227,000.

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.

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