OneConnect Financial Technology (NYSE:OCFT – Get Rating) had its target price decreased by equities researchers at Citigroup from $1.85 to $1.59 in a research note issued to investors on Thursday, The Fly reports. Citigroup’s target price suggests a potential upside of 41.96% from the company’s current price.
Separately, HSBC reissued a “hold” rating on shares of OneConnect Financial Technology in a research note on Thursday.
OneConnect Financial Technology Stock Performance
OCFT stock opened at $1.12 on Thursday. The stock’s 50 day simple moving average is $1.57 and its 200 day simple moving average is $1.49. OneConnect Financial Technology has a fifty-two week low of $0.99 and a fifty-two week high of $4.92. The company has a market cap of $436.79 million, a P/E ratio of -2.24 and a beta of -0.01.
OneConnect Financial Technology (NYSE:OCFT – Get Rating) last issued its quarterly earnings data on Wednesday, August 17th. The company reported ($0.67) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.12. OneConnect Financial Technology had a negative return on equity of 28.87% and a negative net margin of 26.52%. Equities analysts predict that OneConnect Financial Technology will post -0.41 earnings per share for the current year.
Hedge Funds Weigh In On OneConnect Financial Technology
Several institutional investors have recently modified their holdings of OCFT. Vanguard Group Inc. grew its holdings in OneConnect Financial Technology by 3.2% during the first quarter. Vanguard Group Inc. now owns 4,479,660 shares of the company’s stock valued at $6,316,000 after purchasing an additional 139,784 shares during the period. Krane Funds Advisors LLC grew its holdings in OneConnect Financial Technology by 22.7% during the first quarter. Krane Funds Advisors LLC now owns 4,107,906 shares of the company’s stock valued at $5,792,000 after purchasing an additional 760,602 shares during the period. Renaissance Technologies LLC grew its holdings in OneConnect Financial Technology by 38.7% during the second quarter. Renaissance Technologies LLC now owns 2,057,814 shares of the company’s stock valued at $3,519,000 after purchasing an additional 573,690 shares during the period. Bridgewater Associates LP grew its holdings in OneConnect Financial Technology by 23.1% during the fourth quarter. Bridgewater Associates LP now owns 998,213 shares of the company’s stock valued at $2,466,000 after purchasing an additional 187,103 shares during the period. Finally, Rafferty Asset Management LLC grew its holdings in OneConnect Financial Technology by 241.9% during the fourth quarter. Rafferty Asset Management LLC now owns 922,187 shares of the company’s stock valued at $2,278,000 after purchasing an additional 652,445 shares during the period. 14.91% of the stock is owned by 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 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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