-$0.07 EPS Expected for OneConnect Financial Technology Co., Ltd. (NYSE:OCFT) This Quarter

Grant Hamersma 2022-01-09 09:01

Analysts expect that OneConnect Financial Technology Co., Ltd. (NYSE:OCFT) will announce ($0.07) earnings per share for the current fiscal quarter, according to Zacks Investment Research. Zero analysts have made estimates for OneConnect Financial Technology’s earnings. OneConnect Financial Technology posted earnings per share of ($0.15) in the same quarter last year, which would suggest a positive year-over-year growth rate of 53.3%. The business is expected to report its next earnings results on Tuesday, February 1st.

According to Zacks, analysts expect that OneConnect Financial Technology will report full year earnings of ($0.48) per share for the current fiscal year, with EPS estimates ranging from ($0.49) to ($0.47). For the next year, analysts forecast that the company will post earnings of ($0.35) per share, with EPS estimates ranging from ($0.44) to ($0.26). Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research firms that follow OneConnect Financial Technology.

OneConnect Financial Technology (NYSE:OCFT) last posted its quarterly earnings results on Thursday, November 18th. The company reported ($0.11) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.12) by $0.01. OneConnect Financial Technology had a negative return on equity of 27.22% and a negative net margin of 32.79%. The business had revenue of $164.53 million for the quarter. During the same period in the prior year, the business earned ($0.10) earnings per share.

Separately, Zacks Investment Research raised OneConnect Financial Technology from a “sell” rating to a “hold” rating in a report on Wednesday, October 6th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $13.63.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OCFT. Tobam purchased a new position in OneConnect Financial Technology in the second quarter worth about $29,000. Itau Unibanco Holding S.A. purchased a new position in OneConnect Financial Technology in the second quarter worth about $39,000. Shell Asset Management Co. purchased a new position in OneConnect Financial Technology in the second quarter worth about $85,000. Advisory Services Network LLC purchased a new position in shares of OneConnect Financial Technology during the second quarter valued at approximately $89,000. Finally, Macquarie Group Ltd. purchased a new position in shares of OneConnect Financial Technology during the second quarter valued at approximately $91,000. Institutional investors own 17.30% of the company’s stock.

Shares of OCFT stock opened at $2.29 on Thursday. OneConnect Financial Technology has a 12-month low of $2.02 and a 12-month high of $24.95. The stock’s 50-day moving average price is $2.59 and its 200-day moving average price is $5.00. The stock has a market capitalization of $893.09 million, a price-to-earnings ratio of -4.32 and a beta of 0.30.

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.