Goldman Sachs Group Inc. bought a new stake in shares of OneConnect Financial Technology Co., Ltd. (NYSE:OCFT) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 224,088 shares of the company’s stock, valued at approximately $2,694,000. Goldman Sachs Group Inc. owned 0.06% of OneConnect Financial Technology at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Tobam acquired a new position in OneConnect Financial Technology during the 2nd quarter valued at about $29,000. Shell Asset Management Co. acquired a new stake in shares of OneConnect Financial Technology in the 2nd quarter valued at approximately $85,000. Advisory Services Network LLC acquired a new stake in shares of OneConnect Financial Technology in the 2nd quarter valued at approximately $89,000. Macquarie Group Ltd. acquired a new stake in shares of OneConnect Financial Technology in the 2nd quarter valued at approximately $91,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of OneConnect Financial Technology in the 2nd quarter valued at approximately $845,000. Institutional investors own 17.30% of the company’s stock.
A number of analysts recently weighed in on the stock. KeyCorp cut their price target on shares of OneConnect Financial Technology from $24.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, August 5th. Morgan Stanley downgraded shares of OneConnect Financial Technology from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $19.00 to $7.50 in a research report on Wednesday, August 4th. CLSA cut their price target on shares of OneConnect Financial Technology from $21.00 to $11.00 and set a “buy” rating on the stock in a research report on Thursday, August 5th. Finally, Zacks Investment Research raised OneConnect Financial Technology from a “sell” rating to a “hold” rating in a research note on Wednesday, October 6th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $13.63.
OneConnect Financial Technology (NYSE:OCFT) last posted its earnings results on Thursday, November 18th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.01. OneConnect Financial Technology had a negative return on equity of 26.05% and a negative net margin of 35.89%. During the same quarter in the previous year, the business posted ($0.10) earnings per share. Analysts anticipate that OneConnect Financial Technology Co., Ltd. will post -0.5 EPS for the current fiscal year.
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 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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