OneConnect Financial Technology (NYSE:OCFT) Trading 8.6% Higher

OneConnect Financial Technology Co., Ltd. (NYSE:OCFT)’s share price traded up 8.6% during mid-day trading on Tuesday . The company traded as high as $2.41 and last traded at $2.41. 23,095 shares traded hands during mid-day trading, a decline of 99% from the average session volume of 3,410,794 shares. The stock had previously closed at $2.22.

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

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The firm has a 50 day moving average price of $2.86 and a 200 day moving average price of $5.80.

OneConnect Financial Technology (NYSE:OCFT) last announced its quarterly earnings data on Thursday, November 18th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the 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%. During the same period in the previous year, the business earned ($0.10) earnings per share. As a group, analysts forecast that OneConnect Financial Technology Co., Ltd. will post -0.48 earnings per share for the current fiscal year.

Several institutional investors have recently made changes to their positions in the company. Tobam purchased a new stake in shares of OneConnect Financial Technology in the 2nd quarter valued at $29,000. Itau Unibanco Holding S.A. purchased a new position in OneConnect Financial Technology in the 2nd quarter valued at approximately $39,000. Shell Asset Management Co. purchased a new position in OneConnect Financial Technology during the second quarter worth $85,000. Advisory Services Network LLC acquired a new stake in shares of OneConnect Financial Technology during the second quarter worth $89,000. Finally, Macquarie Group Ltd. acquired a new position in OneConnect Financial Technology in the second quarter valued at $91,000. 17.30% of the stock is currently owned by institutional investors and hedge funds.

OneConnect Financial Technology Company Profile (NYSE:OCFT)

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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