OneConnect Financial Technology (NYSE:OCFT) Stock Price Down 4.2%

OneConnect Financial Technology Co., Ltd. (NYSE:OCFT) was down 4.2% during mid-day trading on Wednesday . The stock traded as low as $1.77 and last traded at $1.82. Approximately 23,633 shares changed hands during trading, an increase of 13% from the average daily volume of 20,873 shares. The stock had previously closed at $1.90.

Analyst Ratings Changes

Separately, Citigroup boosted their price objective on OneConnect Financial Technology from $6.98 to $7.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th.

OneConnect Financial Technology Stock Performance

The firm’s 50 day simple moving average is $2.21 and its 200-day simple moving average is $2.68. The company has a market capitalization of $70.98 million, a price-to-earnings ratio of -1.28 and a beta of 0.64.

OneConnect Financial Technology (NYSE:OCFT) last posted its quarterly earnings results on Monday, March 18th. The company reported ($0.31) earnings per share for the quarter. OneConnect Financial Technology had a negative return on equity of 11.80% and a negative net margin of 9.90%. The company had revenue of $128.31 million during the quarter, compared to analyst estimates of $117.43 million. As a group, equities analysts anticipate that OneConnect Financial Technology Co., Ltd. will post -1.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On OneConnect Financial Technology

A number of large investors have recently bought and sold shares of OCFT. Envestnet Asset Management Inc. bought a new stake in OneConnect Financial Technology during the third quarter valued at about $33,000. Goldman Sachs Group Inc. bought a new stake in OneConnect Financial Technology during the fourth quarter valued at about $34,000. Alliancebernstein L.P. bought a new stake in OneConnect Financial Technology during the third quarter valued at about $40,000. Virtu Financial LLC bought a new stake in OneConnect Financial Technology during the fourth quarter valued at about $40,000. Finally, Acadian Asset Management LLC bought a new stake in OneConnect Financial Technology during the first quarter valued at about $40,000. 4.05% of the stock is currently owned by institutional investors.

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 AI Banker App to banks' relationship managers for managing the acquisition of retail customers and their relationships with retail customers; retail banking operation management platform for monitor retail banking business; wealth management platform that provides banks with tools to enhance the efficiency of their wealth management business; customer incentive and management platform, which helps banks to set up their own customer reward portals; and intelligent risk management solutions.