OneConnect Financial Technology (NYSE:OCFT) Shares Down 5.4%

OneConnect Financial Technology (NYSE:OCFT) Shares Down 5.4%

  • Technology
  • July 10, 2022
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  • 5 minutes read



The shares of OneConnect Financial Technology Co., Ltd. (NYSE: OCFT – Get Rating) fell 5.4% during trading on Friday. The company traded up to $ 2.10 and the last quote was $ 2.12. 11,907 shares were traded by hand during trading, a 100% decrease from the average session volume of 2,473,097 shares. Shares had previously closed at $ 2.24.

Separately, JPMorgan Chase & Co. downgraded OneConnect Financial Technology’s shares from a “neutral” rating to an “underweight” rating in a research note on Monday, March 14th. One stock research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. Based on MarketBeat data, the company currently has an average “Hold” rating and a consensus target price of $ 9.50.

The company’s 50-day moving average is $ 1.50 and the 200-day moving average is $ 1.65. The shares have a market capitalization of $ 811.18 million, a PE ratio of -3.85 and a beta of 0.09.

OneConnect Financial Technology (NYSE: OCFT – Get Rating) last released its quarterly results on Wednesday, May 25th. The company reported EPS ($ 0.12) for the quarter, reaching analyst consensus estimates of ($ 0.12). OneConnect Financial Technology had a negative net margin of 29.89% and a negative return on equity of 31.20%. The company had revenue of $ 160.51 million during the quarter, compared to analysts ’expectations of $ 138.62 million. During the same period last year, the company earned EPS ($ 0.13). On average, equity analysts expect OneConnect Financial Technology Co., Ltd. will record -0.41 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes in their positions in equities. Bank of America Corp DE increased its holdings in OneConnect Financial Technology by 26.1% during the first quarter. Bank of America Corp. DE now owns 218,571 shares of the company’s shares valued at $ 308,000 after buying an additional 45,271 shares during the last quarter. Jane Street Group LLC increased its holdings in OneConnect Financial Technology by 321.4% during the first quarter. Jane Street Group LLC now owns 127,134 shares of the company’s stock valued at $ 179,000 after buying an additional 96,964 shares during the last quarter. UBS Group AG increased its stake in OneConnect Financial Technology by 368.0% during the first quarter. UBS Group AG now owns 52,767 shares of the company valued at $ 74,000 after buying an additional 41,492 shares during the last quarter. Renaissance Technologies LLC increased its stake in OneConnect Financial Technology by 173.2% during the first quarter. Renaissance Technologies LLC now owns 1,484,124 shares of the company’s shares valued at $ 2,093,000 after buying an additional 940,910 shares during the last quarter. Finally, XTX Topco Ltd bought a new stake in OneConnect Financial Technology during the first quarter valued at about $ 41,000. Institutional investors own 14.91% of the company’s shares.

OneConnect financial technology company profile (NYSE: OCFT)

OneConnect Financial Technology Co., Ltd. offers Fintech solutions based on cloud platforms and online information and operational support services for financial institutions in the People’s Republic of China. It offers digital retail banking, digital commercial banking, digital car insurance and life insurance and artificial intelligence services, as well as sales management, risk management and operational support services.

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