UBS Asset Management Americas Inc. Buys New Stake in OneConnect Financial Technology Co., Ltd. (NYSE:OCFT)
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Tobam bought a new position in OneConnect Financial Technology during the 2nd quarter valued at $29,000. Massachusetts Financial Services Co. MA boosted its stake in OneConnect Financial Technology by 0.7% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 898,144 shares of the company’s stock valued at $10,796,000 after purchasing an additional 5,817 shares in the last quarter. Shell Asset Management Co. bought a new position in OneConnect Financial Technology during the 2nd quarter valued at $85,000. Advisory Services Network LLC bought a new position in OneConnect Financial Technology during the 2nd quarter valued at $89,000. Finally, Macquarie Group Ltd. bought a new position in OneConnect Financial Technology during the 2nd quarter valued at $91,000. 17.30% of the stock is owned by hedge funds and other institutional investors.
Shares of OCFT stock opened at $2.92 on Tuesday. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -5.62 and a beta of 0.25. OneConnect Financial Technology Co., Ltd. has a 1-year low of $2.79 and a 1-year high of $24.95. The stock’s fifty day simple moving average is $3.77 and its 200-day simple moving average is $8.20.
A number of brokerages have issued reports on OCFT. Morgan Stanley lowered OneConnect Financial Technology from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $19.00 to $7.50 in a research note on Wednesday, August 4th. CLSA reduced their price objective on OneConnect Financial Technology from $21.00 to $11.00 and set a “buy” rating for the company in a research note on Thursday, August 5th. Zacks Investment Research raised OneConnect Financial Technology from a “sell” rating to a “hold” rating in a research note on Wednesday, October 6th. Finally, KeyCorp reduced their price objective on OneConnect Financial Technology from $24.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, August 5th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $13.63.
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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