OneConnect Financial Technology (NYSE:OCFT) Shares Up 1.3% – Time to Buy?

OneConnect Financial Technology Co., Ltd. Sponsored ADR (NYSE:OCFT)’s share price shot up 1.3% during mid-day trading on Wednesday . The stock traded as high as $7.44 and last traded at $7.39. 24,448 shares were traded during trading, a decline of 49% from the average session volume of 48,209 shares. The stock had previously closed at $7.30.

OneConnect Financial Technology Price Performance

The company’s fifty day moving average is $7.28 and its 200-day moving average is $6.13. The stock has a market cap of $284.70 million, a PE ratio of -4.90 and a beta of 0.40.

OneConnect Financial Technology (NYSE:OCFT) last issued its earnings results on Wednesday, May 28th. The company reported ($0.15) earnings per share (EPS) for the quarter. OneConnect Financial Technology had a negative return on equity of 7.20% and a negative net margin of 20.95%. The business had revenue of $50.57 million for the quarter.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OCFT. E Fund Management Hong Kong Co. Ltd. purchased a new position in OneConnect Financial Technology in the first quarter valued at $179,000. E Fund Management Co. Ltd. purchased a new position in OneConnect Financial Technology in the first quarter valued at $179,000. Finally, OLD Mission Capital LLC purchased a new position in OneConnect Financial Technology in the first quarter valued at $376,000. Hedge funds and other institutional investors own 4.05% of the company’s stock.

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 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.