OneConnect Financial Technology (NASDAQ:OCFT) Downgraded to “Hold” at BidaskClub

Maria Luz-Campos 2020-10-18 10:10

BidaskClub cut shares of OneConnect Financial Technology (NASDAQ:OCFT) from a buy rating to a hold rating in a report issued on Saturday morning, BidAskClub reports.

A number of other analysts have also recently commented on the company. JPMorgan Chase & Co. cut OneConnect Financial Technology from an overweight rating to a neutral rating and set a $24.00 price target for the company. in a research report on Tuesday, July 21st. KeyCorp increased their target price on OneConnect Financial Technology from $22.00 to $28.00 and gave the stock an overweight rating in a research report on Thursday, August 6th. Finally, Zacks Investment Research cut OneConnect Financial Technology from a buy rating to a hold rating in a research report on Friday. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $20.55.

Shares of OCFT opened at $19.75 on Friday. The business has a 50-day simple moving average of $20.74 and a two-hundred day simple moving average of $17.63. OneConnect Financial Technology has a 52 week low of $9.02 and a 52 week high of $28.80.

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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. purchased a new position in OneConnect Financial Technology during the 2nd quarter valued at approximately $10,316,000. Quadrature Capital Ltd purchased a new position in OneConnect Financial Technology during the 2nd quarter valued at approximately $605,000. Charles Schwab Investment Management Inc. purchased a new position in OneConnect Financial Technology during the 2nd quarter valued at approximately $646,000. Jane Street Group LLC purchased a new position in OneConnect Financial Technology during the 2nd quarter valued at approximately $406,000. Finally, Toroso Investments LLC grew its holdings in OneConnect Financial Technology by 64.0% during the 2nd quarter. Toroso Investments LLC now owns 77,975 shares of the company’s stock valued at $1,424,000 after buying an additional 30,423 shares in the last quarter.

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.