OneConnect Financial Technology (NASDAQ:OCFT) Trading Down 8.1%

OneConnect Financial Technology Co., Ltd. (NASDAQ:OCFT) fell 8.1% on Friday . The stock traded as low as $19.75 and last traded at $20.20. 775,978 shares traded hands during trading, an increase of 41% from the average session volume of 550,277 shares. The stock had previously closed at $21.99.

A number of equities analysts have recently issued reports on OCFT shares. JPMorgan Chase & Co. cut shares of OneConnect Financial Technology from an “overweight” rating to a “neutral” rating and set a $24.00 price objective on the stock. in a research report on Tuesday, July 21st. KeyCorp increased their price target on OneConnect Financial Technology from $22.00 to $28.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Finally, Zacks Investment Research downgraded OneConnect Financial Technology from a “buy” rating to a “hold” rating in a report on Wednesday. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $20.38.

The company’s 50-day moving average is $20.78 and its two-hundred day moving average is $16.95.

OneConnect Financial Technology (NASDAQ:OCFT) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of ($0.15) by $0.46. The company had revenue of $109.27 million during the quarter, compared to analysts’ expectations of $111.66 million.

Large investors have recently modified their holdings of the business. Asset Management One Co. Ltd. bought a new stake in shares of OneConnect Financial Technology in the 1st quarter worth $28,000. Tower Research Capital LLC TRC bought a new stake in OneConnect Financial Technology in the 1st quarter worth about $50,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. bought a new stake in OneConnect Financial Technology in the 2nd quarter worth about $54,000. Royal Bank of Canada increased its stake in OneConnect Financial Technology by 195.0% in the 1st quarter. Royal Bank of Canada now owns 19,570 shares of the company’s stock valued at $199,000 after buying an additional 12,936 shares during the last quarter. Finally, Edmond DE Rothschild Holding S.A. bought a new position in shares of OneConnect Financial Technology during the 2nd quarter worth approximately $221,000.

About OneConnect Financial Technology (NASDAQ:OCFT)

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 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.

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