OneConnect Financial Technology (NASDAQ:OCFT) Reaches New 1-Year High at $21.77

OneConnect Financial Technology Co. (NASDAQ:OCFT) shares reached a new 52-week high during trading on Monday . The stock traded as high as $21.77 and last traded at $21.59, with a volume of 2940 shares trading hands. The stock had previously closed at $19.04.

Several research firms have commented on OCFT. KeyCorp lifted their price target on OneConnect Financial Technology from $14.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, June 23rd. Zacks Investment Research cut OneConnect Financial Technology from a “buy” rating to a “hold” rating in a report on Friday, May 29th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. OneConnect Financial Technology currently has an average rating of “Buy” and an average price target of $17.72.

The firm’s 50 day moving average price is $16.32.

OneConnect Financial Technology (NASDAQ:OCFT) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.03. The firm had revenue of $83.20 million during the quarter, compared to analyst estimates of $63.60 million.

A number of institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. lifted its position in OneConnect Financial Technology by 6.4% during the 1st quarter. Invesco Ltd. now owns 17,720,172 shares of the company’s stock worth $179,859,000 after acquiring an additional 1,067,000 shares in the last quarter. Capital Research Global Investors acquired a new position in OneConnect Financial Technology during the 4th quarter worth approximately $52,156,000. Capital International Inc. CA acquired a new position in OneConnect Financial Technology during the 4th quarter worth approximately $26,646,000. Capital International Investors lifted its position in OneConnect Financial Technology by 7.9% during the 1st quarter. Capital International Investors now owns 1,466,134 shares of the company’s stock worth $14,881,000 after acquiring an additional 107,434 shares in the last quarter. Finally, Norges Bank acquired a new position in OneConnect Financial Technology during the 4th quarter worth approximately $7,523,000.

About OneConnect Financial Technology (NASDAQ:OCFT)

OneConnect Financial Technology Co, Ltd. operates as a technology-as-a-service platform for financial institutions in the People's Republic of China. The company provides cloud-platform-based Fintech solutions, and online information and operating support services. It offers digital retail banking, small and medium enterprises (SME) financing and services, retail and SME banking risk-management, auto insurance operations and services, asset management, asset-liability management, artificial intelligence customer service, core systems, and insurance sales management solutions.

Further Reading: Oversold

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