OneConnect Financial Technology (NYSE:OCFT) Shares Up 1.1% – Here’s What Happened

OneConnect Financial Technology Co., Ltd. Sponsored ADR (NYSE:OCFT) shares shot up 1.1% during mid-day trading on Monday . The company traded as high as $7.67 and last traded at $7.56. 15,003 shares changed hands during trading, a decline of 32% from the average session volume of 22,089 shares. The stock had previously closed at $7.48.

Analyst Upgrades and Downgrades

Separately, Citigroup downgraded OneConnect Financial Technology from a “buy” rating to a “neutral” rating and lifted their price target for the company from $3.03 to $7.98 in a research report on Monday, September 8th. One research analyst has rated the stock with a Hold rating, According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $7.98.

OneConnect Financial Technology Price Performance

The stock has a 50 day simple moving average of $7.34 and a 200 day simple moving average of $6.97.

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

Hedge Funds Weigh In On OneConnect Financial Technology

Several hedge funds have recently made changes to their positions in the business. MASO CAPITAL PARTNERS Ltd increased its stake in shares of OneConnect Financial Technology by 14,092.5% during the second quarter. MASO CAPITAL PARTNERS Ltd now owns 439,966 shares of the company’s stock valued at $3,168,000 after buying an additional 436,866 shares during the period. Lighthouse Investment Partners LLC increased its stake in shares of OneConnect Financial Technology by 241.1% during the second quarter. Lighthouse Investment Partners LLC now owns 116,884 shares of the company’s stock valued at $842,000 after buying an additional 82,616 shares during the period. ABN Amro Investment Solutions purchased a new position in shares of OneConnect Financial Technology during the second quarter valued at approximately $1,411,000. M&G PLC increased its stake in shares of OneConnect Financial Technology by 0.8% during the second quarter. M&G PLC now owns 773,100 shares of the company’s stock valued at $5,412,000 after buying an additional 6,506 shares during the period. Finally, OLD Mission Capital LLC purchased a new position in shares of OneConnect Financial Technology during the first quarter valued at approximately $376,000. 4.05% of the stock is owned by hedge funds and other institutional investors.

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.