UBS Asset Management Americas Inc. Takes $3.60 Million Position in OneConnect Financial Technology Co., Ltd. (NYSE:OCFT)
Several other hedge funds have also modified their holdings of the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in shares of OneConnect Financial Technology by 341.7% during the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 44,642 shares of the company’s stock valued at $537,000 after acquiring an additional 34,535 shares in the last quarter. Advisory Services Network LLC acquired a new position in shares of OneConnect Financial Technology in the second quarter worth about $89,000. Blueshift Asset Management LLC acquired a new position in shares of OneConnect Financial Technology in the second quarter worth about $1,312,000. Trexquant Investment LP acquired a new position in shares of OneConnect Financial Technology in the second quarter worth about $147,000. Finally, Van ECK Associates Corp lifted its stake in shares of 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 institutional investors and hedge funds.
Shares of NYSE OCFT opened at $2.92 on Tuesday. The stock’s 50 day moving average price is $3.77 and its two-hundred day moving average price is $8.20. OneConnect Financial Technology Co., Ltd. has a 52-week low of $2.79 and a 52-week high of $24.95. The stock has a market capitalization of $1.14 billion, a P/E ratio of -5.62 and a beta of 0.25.
OCFT has been the topic of several recent analyst reports. Morgan Stanley cut OneConnect Financial Technology from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $19.00 to $7.50 in a research note on Wednesday, August 4th. Zacks Investment Research upgraded OneConnect Financial Technology from a “sell” rating to a “hold” rating in a research note on Wednesday, October 6th. KeyCorp cut their price objective on OneConnect Financial Technology from $24.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, August 5th. Finally, CLSA cut their price objective on OneConnect Financial Technology from $21.00 to $11.00 and set a “buy” rating on the stock in a research note on Thursday, August 5th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price 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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