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

OneConnect Financial Technology (NYSE:OCFT) was downgraded by research analysts at Citigroup from a “buy” rating to a “neutral” rating in a report released on Monday,Finviz reports.

OneConnect Financial Technology Stock Up 1.0%

Shares of OneConnect Financial Technology stock opened at $7.17 on Monday. The business has a fifty day simple moving average of $7.36 and a 200-day simple moving average of $6.79. OneConnect Financial Technology has a 12 month low of $0.87 and a 12 month high of $7.64.

OneConnect Financial Technology (NYSE:OCFT) last announced its quarterly earnings data on Thursday, August 21st. The company reported ($0.15) earnings per share (EPS) for the quarter. OneConnect Financial Technology had a negative return on equity of 8.58% and a negative net margin of 41.54%.The firm had revenue of $59.92 million for the quarter.

Institutional Trading of OneConnect Financial Technology

Several hedge funds and other institutional investors have recently modified their holdings of OCFT. OLD Mission Capital LLC bought a new position in OneConnect Financial Technology during the first quarter valued at about $376,000. E Fund Management Co. Ltd. bought a new position in OneConnect Financial Technology during the first quarter valued at about $179,000. E Fund Management Hong Kong Co. Ltd. bought a new position in OneConnect Financial Technology during the first quarter valued at about $179,000. MASO CAPITAL PARTNERS Ltd raised its holdings in OneConnect Financial Technology by 14,092.5% during the second quarter. MASO CAPITAL PARTNERS Ltd now owns 439,966 shares of the company’s stock valued at $3,168,000 after buying an additional 436,866 shares in the last quarter. Finally, Lighthouse Investment Partners LLC raised its holdings in OneConnect Financial Technology by 241.1% during the second quarter. Lighthouse Investment Partners LLC now owns 116,884 shares of the company’s stock valued at $842,000 after buying an additional 82,616 shares in the last quarter. 4.05% of the stock is currently owned by hedge funds and other institutional investors.

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.