OneConnect Financial Technology (NYSE:OCFT) Downgraded by Citigroup to “Neutral”

Citigroup cut shares of OneConnect Financial Technology (NYSE:OCFT) from a buy rating to a neutral rating in a research note released on Monday morning, Marketbeat.com reports. The brokerage currently has $7.98 target price on the stock, up from their previous target price of $3.03.

OneConnect Financial Technology Stock Up 0.1%

OneConnect Financial Technology stock opened at $7.22 on Monday. OneConnect Financial Technology has a fifty-two week low of $0.96 and a fifty-two week high of $7.64. The firm’s fifty day moving average price is $7.36 and its 200-day moving average price is $6.81.

OneConnect Financial Technology (NYSE:OCFT) last released its earnings results on Thursday, August 21st. The company reported ($0.15) EPS for the quarter. The firm had revenue of $59.92 million during the quarter. OneConnect Financial Technology had a negative net margin of 41.54% and a negative return on equity of 8.58%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. MASO CAPITAL PARTNERS Ltd increased its stake in OneConnect Financial Technology by 14,092.5% in the second quarter. MASO CAPITAL PARTNERS Ltd now owns 439,966 shares of the company’s stock valued at $3,168,000 after acquiring an additional 436,866 shares during the last quarter. Lighthouse Investment Partners LLC increased its stake in OneConnect Financial Technology by 241.1% in the second quarter. Lighthouse Investment Partners LLC now owns 116,884 shares of the company’s stock valued at $842,000 after acquiring an additional 82,616 shares during the last quarter. ABN Amro Investment Solutions bought a new position in OneConnect Financial Technology in the second quarter valued at $1,411,000. M&G PLC increased its stake in OneConnect Financial Technology by 0.8% in the second quarter. M&G PLC now owns 773,100 shares of the company’s stock valued at $5,412,000 after acquiring an additional 6,506 shares during the last quarter. Finally, OLD Mission Capital LLC purchased a new stake in OneConnect Financial Technology during the first quarter valued at about $376,000. Institutional investors own 4.05% of the company’s stock.

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 operates in Technology Solutions and Virtual Bank Business segments. The company offers Gamma Platform, which offers a toolbox of separate solution modules that provide technology infrastructure and underlying technologies; marketing management platform, developed from AI Banker App, provides banks relationship managers with technology that supports in managing their acquisition and relationships with retail customers; and wealth management platform that provides banks with tools to enhance the efficiency of their wealth management business.