OneConnect Financial Technology’s (OCFT) “Sell (E+)” Rating Reaffirmed at Weiss Ratings

OneConnect Financial Technology (NYSE:OCFT)‘s stock had its “sell (e+)” rating reissued by analysts at Weiss Ratings in a report issued on Saturday,Weiss Ratings reports.

Separately, Citigroup cut shares of OneConnect Financial Technology from a “buy” rating to a “neutral” rating and increased their target price for the stock from $3.03 to $7.98 in a report on Monday, September 8th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, OneConnect Financial Technology currently has an average rating of “Reduce” and an average price target of $7.98.

OneConnect Financial Technology Stock Performance

NYSE OCFT opened at $7.79 on Friday. The company has a fifty day moving average of $7.39 and a 200 day moving average of $7.10. OneConnect Financial Technology has a 1 year low of $2.08 and a 1 year high of $7.83.

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

Institutional Trading of OneConnect Financial Technology

Hedge funds have recently modified their holdings of the stock. M&G PLC lifted its position in shares of OneConnect Financial Technology by 0.8% during the 2nd 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 period. MASO CAPITAL PARTNERS Ltd raised its stake in shares of OneConnect Financial Technology by 14,092.5% in the 2nd quarter. MASO CAPITAL PARTNERS Ltd now owns 439,966 shares of the company’s stock valued at $3,168,000 after purchasing an additional 436,866 shares in the last quarter. ABN Amro Investment Solutions acquired a new stake in shares of OneConnect Financial Technology in the second quarter valued at approximately $1,411,000. 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 acquiring an additional 82,616 shares during the period. Finally, OLD Mission Capital LLC bought a new stake in OneConnect Financial Technology during the first quarter worth approximately $376,000. 4.05% of the stock is currently owned by institutional investors and hedge funds.

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.