Citigroup Downgrades OneConnect Financial Technology (NYSE:OCFT) to Neutral

Citigroup downgraded shares of OneConnect Financial Technology (NYSE:OCFT) from a buy rating to a neutral rating in a research note released on Monday, Marketbeat Ratings reports. Citigroup currently has $7.98 price target on the stock, up from their previous price target of $3.03.

OneConnect Financial Technology Stock Up 0.5%

NYSE:OCFT opened at $7.19 on Monday. OneConnect Financial Technology has a fifty-two week low of $0.96 and a fifty-two week high of $7.64. The firm’s 50 day moving average is $7.36 and its two-hundred day moving average is $6.82.

OneConnect Financial Technology (NYSE:OCFT) last posted its quarterly earnings results on Thursday, August 21st. The company reported ($0.15) earnings per share 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 for the quarter.

Institutional Investors Weigh In On OneConnect Financial Technology

Several large investors have recently made changes to their positions in the business. M&G PLC increased its position in shares of OneConnect Financial Technology by 0.8% in the second quarter. M&G PLC now owns 773,100 shares of the company’s stock worth $5,412,000 after acquiring an additional 6,506 shares in the last quarter. E Fund Management Co. Ltd. acquired a new stake in shares of OneConnect Financial Technology in the first quarter worth $179,000. E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of OneConnect Financial Technology in the first quarter worth $179,000. OLD Mission Capital LLC acquired a new stake in shares of OneConnect Financial Technology in the first quarter worth $376,000. Finally, Lighthouse Investment Partners LLC increased its position in shares of OneConnect Financial Technology by 241.1% in the second quarter. Lighthouse Investment Partners LLC now owns 116,884 shares of the company’s stock worth $842,000 after acquiring an additional 82,616 shares in the last quarter. Institutional investors and hedge funds 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 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.