OneConnect Financial Technology (NASDAQ:OCFT) Raised to Buy at Zacks Investment Research

   2020-11-01 06:11

OneConnect Financial Technology (NASDAQ:OCFT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday, Zacks.com reports. The brokerage presently has a $23.00 price objective on the stock. Zacks Investment Research‘s price objective points to a potential upside of 14.20% from the stock’s previous close.

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. “



Several other research firms have also recently weighed in 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 report on Thursday, August 6th. BidaskClub upgraded OneConnect Financial Technology from a “hold” rating to a “buy” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. cut OneConnect Financial Technology from an “overweight” rating to a “neutral” rating and set a $24.00 price objective on the stock. in a research report on Tuesday, July 21st. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $20.38.

OCFT stock opened at $20.14 on Friday. OneConnect Financial Technology has a 1-year low of $9.02 and a 1-year high of $28.80. The business’s 50 day simple moving average is $20.63 and its 200 day simple moving average is $18.39.

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

Hedge funds and other institutional investors have recently modified their holdings of the stock. Krane Funds Advisors LLC bought a new stake in OneConnect Financial Technology during the second quarter worth about $11,227,000. Principal Financial Group Inc. bought a new position in OneConnect Financial Technology in the second quarter valued at approximately $10,316,000. SG Americas Securities LLC acquired a new position in OneConnect Financial Technology during the second quarter valued at approximately $9,108,000. LA Financiere DE L Echiquier raised its holdings 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 worth $14,334,000 after buying an additional 412,210 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position 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 worth $14,181,000 after buying an additional 131,293 shares during 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.

Further Reading: What is the Difference Between Common Shares and Convertible Shares?

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