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

   2021-03-20 09:03

Zacks Investment Research upgraded shares of OneConnect Financial Technology (NYSE:OCFT) from a sell rating to a hold rating in a research report report published on Wednesday, 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. “


Separately, HSBC cut their price target on OneConnect Financial Technology from $27.00 to $26.00 and set a buy rating for the company in a research note on Thursday, February 4th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $26.17.

Shares of OneConnect Financial Technology stock opened at $15.78 on Wednesday. OneConnect Financial Technology has a one year low of $9.02 and a one year high of $28.80. The stock’s fifty day moving average is $18.92 and its 200 day moving average is $20.60. The stock has a market cap of $6.15 billion and a P/E ratio of -65.75.

OneConnect Financial Technology (NYSE:OCFT) last announced its earnings results on Monday, February 1st. The company reported ($0.99) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.16) by ($0.83). OneConnect Financial Technology had a negative return on equity of 12.38% and a negative net margin of 19.82%. The company had revenue of $162.45 million during the quarter, compared to the consensus estimate of $157.22 million. As a group, equities research analysts anticipate that OneConnect Financial Technology will post -0.56 EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the business. TFC Financial Management purchased a new stake in OneConnect Financial Technology in the 3rd quarter worth $29,000. US Bancorp DE purchased a new position in shares of OneConnect Financial Technology during the third quarter valued at about $30,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in shares of OneConnect Financial Technology by 81.6% during the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 7,796 shares of the company’s stock valued at $154,000 after purchasing an additional 3,503 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in shares of OneConnect Financial Technology during the fourth quarter valued at about $154,000. Finally, Jane Street Group LLC grew its position in shares of OneConnect Financial Technology by 114.6% during the third quarter. Jane Street Group LLC now owns 47,675 shares of the company’s stock valued at $1,015,000 after purchasing an additional 25,457 shares in the last quarter. Institutional investors and hedge funds own 14.37% of the company’s stock.

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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