OneConnect Financial Technology (NYSE:OCFT) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of OneConnect Financial Technology (NYSE:OCFTGet Rating) from a sell rating to a hold rating in a research note released on Thursday, Zacks.com reports.

According to Zacks, “OneConnect Financial Technology Co. Ltd. engages in providing cloud-native technology solutions to financial institutions primarily in China. Its solutions offer technology applications and technology-enabled business services to financial institutions. OneConnect Financial Technology Co. Ltd. is headquartered in Shenzhen, China. “

Other analysts have also issued reports about the stock. HSBC lowered shares of OneConnect Financial Technology from a buy rating to a hold rating in a research report on Thursday, February 24th. JPMorgan Chase & Co. lowered shares of OneConnect Financial Technology from a neutral rating to an underweight rating in a research report on Monday, March 14th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $9.50.

Shares of OCFT opened at $1.36 on Thursday. The firm’s 50-day moving average is $1.46 and its two-hundred day moving average is $2.22. OneConnect Financial Technology has a twelve month low of $0.99 and a twelve month high of $19.60. The firm has a market capitalization of $530.39 million, a P/E ratio of -2.57 and a beta of 0.48.

OneConnect Financial Technology (NYSE:OCFTGet Rating) last issued its earnings results on Thursday, February 24th. The company reported ($0.15) earnings per share for the quarter. OneConnect Financial Technology had a negative return on equity of 29.06% and a negative net margin of 31.00%. The company had revenue of $200.24 million for the quarter. Sell-side analysts predict that OneConnect Financial Technology will post -0.41 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. lifted its stake in shares of OneConnect Financial Technology by 28.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 321,662 shares of the company’s stock valued at $795,000 after buying an additional 70,687 shares during the period. Toroso Investments LLC purchased a new position in shares of OneConnect Financial Technology during the fourth quarter valued at approximately $190,000. Susquehanna International Group LLP lifted its stake in shares of OneConnect Financial Technology by 42.5% during the fourth quarter. Susquehanna International Group LLP now owns 93,055 shares of the company’s stock valued at $230,000 after buying an additional 27,740 shares during the period. Millennium Management LLC purchased a new position in shares of OneConnect Financial Technology during the fourth quarter valued at approximately $114,000. Finally, Itau Unibanco Holding S.A. raised its stake in OneConnect Financial Technology by 303.7% during the fourth quarter. Itau Unibanco Holding S.A. now owns 19,889 shares of the company’s stock worth $50,000 after purchasing an additional 14,962 shares during the period. 16.48% of the stock is currently owned by institutional investors and hedge funds.

OneConnect Financial Technology Company Profile (Get Rating)

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, digital commercial banking, digital auto insurance and life insurance, and artificial intelligence customer services, as well as sales management, risk management, and operation support services.

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