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

OneConnect Financial Technology (NYSE:OCFT – Get Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report 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. “

A number of other research firms have also issued reports on OCFT. JPMorgan Chase & Co. lowered OneConnect Financial Technology from a “neutral” rating to an “underweight” rating in a research report on Monday, March 14th. HSBC lowered OneConnect Financial Technology from a “buy” rating to a “hold” rating in a research report on Thursday, February 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $9.50.

Shares of OneConnect Financial Technology stock opened at $1.39 on Thursday. The business has a 50 day simple moving average of $1.47 and a two-hundred day simple moving average of $2.24. OneConnect Financial Technology has a 12 month low of $0.99 and a 12 month high of $19.60. The stock has a market capitalization of $542.09 million, a P/E ratio of -2.62 and a beta of 0.48.

OneConnect Financial Technology (NYSE:OCFT – Get Rating) last announced its earnings results on Thursday, February 24th. The company reported ($0.15) EPS for the quarter. OneConnect Financial Technology had a negative net margin of 31.00% and a negative return on equity of 29.06%. The firm had revenue of $200.24 million for the quarter. As a group, equities analysts forecast that OneConnect Financial Technology will post -0.41 EPS for the current fiscal year.

A number of institutional investors have recently modified their holdings of OCFT. Itau Unibanco Holding S.A. lifted 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 in the last quarter. Daiwa Securities Group Inc. lifted its stake in OneConnect Financial Technology by 573.2% during the fourth quarter. Daiwa Securities Group Inc. now owns 36,547 shares of the company’s stock worth $90,000 after purchasing an additional 31,118 shares in the last quarter. GSA Capital Partners LLP acquired a new position in OneConnect Financial Technology during the fourth quarter worth $90,000. Millennium Management LLC acquired a new position in OneConnect Financial Technology during the fourth quarter worth $114,000. Finally, Asset Management One Co. Ltd. lifted its stake in OneConnect Financial Technology by 57.4% during the third quarter. Asset Management One Co. Ltd. now owns 31,238 shares of the company’s stock worth $128,000 after purchasing an additional 11,396 shares in the last quarter. Institutional investors own 16.48% of the company’s stock.

About OneConnect Financial Technology (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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