M&G Investment Management Ltd. Takes Position in OneConnect Financial Technology Co., Ltd. (NYSE:OCFT)

Latisha Jones 2022-01-12 10:01

M&G Investment Management Ltd. bought a new stake in OneConnect Financial Technology Co., Ltd. (NYSE:OCFT) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 666,213 shares of the company’s stock, valued at approximately $2,665,000. M&G Investment Management Ltd. owned 0.17% of OneConnect Financial Technology at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Northern Trust Corp grew its position in OneConnect Financial Technology by 2,455.5% in the 2nd quarter. Northern Trust Corp now owns 282,820 shares of the company’s stock valued at $3,399,000 after buying an additional 271,753 shares during the last quarter. Advisory Services Network LLC purchased a new position in OneConnect Financial Technology in the 2nd quarter valued at $89,000. Blueshift Asset Management LLC purchased a new position in OneConnect Financial Technology in the 2nd quarter valued at $1,312,000. Trexquant Investment LP purchased a new position in OneConnect Financial Technology in the 2nd quarter valued at $147,000. Finally, Royal Bank of Canada grew its position in OneConnect Financial Technology by 5,335.5% in the 2nd quarter. Royal Bank of Canada now owns 20,655 shares of the company’s stock valued at $249,000 after buying an additional 20,275 shares during the last quarter. 17.30% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE OCFT opened at $2.48 on Wednesday. The firm has a market capitalization of $967.19 million, a P/E ratio of -4.68 and a beta of 0.30. OneConnect Financial Technology Co., Ltd. has a one year low of $2.02 and a one year high of $24.95. The company’s fifty day moving average is $2.56 and its two-hundred day moving average is $4.82.

OneConnect Financial Technology (NYSE:OCFT) last issued its earnings results on Thursday, November 18th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.01. The company had revenue of $164.53 million for the quarter. OneConnect Financial Technology had a negative net margin of 32.79% and a negative return on equity of 27.22%. During the same quarter in the previous year, the firm posted ($0.10) earnings per share. As a group, equities research analysts forecast that OneConnect Financial Technology Co., Ltd. will post -0.48 earnings per share for the current year.

Separately, Zacks Investment Research upgraded shares of 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 given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $13.63.

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.