Credit Suisse AG Purchases 150,057 Shares of OneConnect Financial Technology Co., Ltd. (NYSE:OCFT)
Other hedge funds have also recently modified their holdings of the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in shares of OneConnect Financial Technology by 341.7% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 44,642 shares of the company’s stock worth $537,000 after purchasing an additional 34,535 shares during the last quarter. Advisory Services Network LLC bought a new stake in shares of OneConnect Financial Technology in the second quarter worth about $89,000. Blueshift Asset Management LLC purchased a new position in OneConnect Financial Technology in the second quarter worth about $1,312,000. Trexquant Investment LP purchased a new position in OneConnect Financial Technology in the second quarter worth about $147,000. Finally, Van ECK Associates Corp grew its position in OneConnect Financial Technology by 4.2% in the second quarter. Van ECK Associates Corp now owns 1,398,158 shares of the company’s stock worth $16,806,000 after acquiring an additional 56,600 shares in the last quarter. 17.30% of the stock is currently owned by hedge funds and other institutional investors.
OCFT stock opened at $3.06 on Wednesday. The business’s fifty day simple moving average is $3.74 and its two-hundred day simple moving average is $8.11. OneConnect Financial Technology Co., Ltd. has a twelve month low of $2.79 and a twelve month high of $24.95. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of -5.88 and a beta of 0.25.
OCFT has been the subject of several recent research reports. CLSA dropped their price target on OneConnect Financial Technology from $21.00 to $11.00 and set a “buy” rating for the company in a research report on Thursday, August 5th. KeyCorp dropped their price target on OneConnect Financial Technology from $24.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, August 5th. Morgan Stanley lowered OneConnect Financial Technology from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $19.00 to $7.50 in a research report on Wednesday, August 4th. Finally, Zacks Investment Research upgraded OneConnect Financial Technology from a “sell” rating to a “hold” rating in a research report on Wednesday, October 6th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $13.63.
OneConnect Financial Technology 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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