OneConnect Financial Technology (NYSE:OCFT) Shares Down 4.2%

OneConnect Financial Technology Co., Ltd. (NYSE:OCFT)’s share price fell 4.2% during mid-day trading on Wednesday . The stock traded as low as $1.77 and last traded at $1.82. 23,633 shares traded hands during mid-day trading, an increase of 13% from the average session volume of 20,873 shares. The stock had previously closed at $1.90.

Analyst Ratings Changes

Separately, Citigroup raised their target price on shares of OneConnect Financial Technology from $6.98 to $7.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th.

OneConnect Financial Technology Price Performance

The business has a 50 day moving average of $2.20 and a 200 day moving average of $2.68. The company has a market cap of $72.93 million, a PE ratio of -1.29 and a beta of 0.64.

OneConnect Financial Technology (NYSE:OCFT) last announced its quarterly earnings results on Monday, March 18th. The company reported ($0.31) EPS for the quarter. OneConnect Financial Technology had a negative return on equity of 11.80% and a negative net margin of 9.90%. The business had revenue of $128.31 million during the quarter, compared to analysts’ expectations of $117.43 million. Sell-side analysts forecast that OneConnect Financial Technology Co., Ltd. will post -1.15 EPS for the current fiscal year.

Hedge Funds Weigh In On OneConnect Financial Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in OCFT. Envestnet Asset Management Inc. purchased a new position in OneConnect Financial Technology during the third quarter valued at $33,000. Goldman Sachs Group Inc. purchased a new position in shares of OneConnect Financial Technology in the 4th quarter worth about $34,000. Alliancebernstein L.P. purchased a new position in shares of OneConnect Financial Technology in the 3rd quarter worth about $40,000. Virtu Financial LLC purchased a new position in shares of OneConnect Financial Technology in the 4th quarter worth about $40,000. Finally, Acadian Asset Management LLC purchased a new position in shares of OneConnect Financial Technology in the 1st quarter worth about $40,000. Hedge funds and other institutional investors own 4.05% of the company’s stock.

About OneConnect Financial Technology

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 AI Banker App to banks' relationship managers for managing the acquisition of retail customers and their relationships with retail customers; retail banking operation management platform for monitor retail banking business; wealth management platform that provides banks with tools to enhance the efficiency of their wealth management business; customer incentive and management platform, which helps banks to set up their own customer reward portals; and intelligent risk management solutions.