OneConnect Financial Technology (NYSE:OCFT) Trading Up 11.2%

OneConnect Financial Technology Co., Ltd. (NYSE:OCFT – Get Rating) traded up 11.2% on Tuesday . The stock traded as high as $1.54 and last traded at $1.54. 45,306 shares changed hands during mid-day trading, a decline of 98% from the average session volume of 2,964,552 shares. The stock had previously closed at $1.38.

OCFT has been the subject of several recent research reports. HSBC cut shares of OneConnect Financial Technology from a “buy” rating to a “hold” rating in a research report on Thursday, February 24th. JPMorgan Chase & Co. downgraded OneConnect Financial Technology from a “neutral” rating to an “underweight” rating in a report on Monday, March 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $9.50.

The company has a market capitalization of $569.39 million, a P/E ratio of -2.70 and a beta of 0.40. The business’s 50-day moving average price is $1.38 and its two-hundred day moving average price is $1.71.

OneConnect Financial Technology (NYSE:OCFT – Get Rating) last posted its earnings results on Wednesday, May 25th. The company reported ($0.76) earnings per share for the quarter, hitting the consensus estimate of ($0.76). OneConnect Financial Technology had a negative return on equity of 31.20% and a negative net margin of 29.89%. During the same quarter last year, the firm earned ($0.13) EPS. On average, equities analysts predict that OneConnect Financial Technology Co., Ltd. will post -0.41 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in OCFT. Bank of America Corp DE increased its holdings in OneConnect Financial Technology by 26.1% during the 1st quarter. Bank of America Corp DE now owns 218,571 shares of the company’s stock worth $308,000 after purchasing an additional 45,271 shares in the last quarter. Jane Street Group LLC raised its holdings in OneConnect Financial Technology by 321.4% during the first quarter. Jane Street Group LLC now owns 127,134 shares of the company’s stock worth $179,000 after acquiring an additional 96,964 shares in the last quarter. UBS Group AG boosted its position in OneConnect Financial Technology by 368.0% during the first quarter. UBS Group AG now owns 52,767 shares of the company’s stock valued at $74,000 after purchasing an additional 41,492 shares during the last quarter. Renaissance Technologies LLC grew its stake in OneConnect Financial Technology by 173.2% in the first quarter. Renaissance Technologies LLC now owns 1,484,124 shares of the company’s stock valued at $2,093,000 after purchasing an additional 940,910 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of OneConnect Financial Technology during the 1st quarter worth approximately $41,000. 14.91% of the stock is currently owned by hedge funds and other institutional investors.

About OneConnect Financial Technology (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, 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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