OneConnect Financial Technology (NYSE:OCFT) Trading Down 6.7%
OneConnect Financial Technology (NYSE:OCFT) saw its stock price drop by 6.7% on Tuesday. The company reported negative earnings per share for the quarter and had a decline in trading volume. Additionally, a hedge fund recently acquired a stake in the company. The stock has a 50-day moving average of $1.99 and a two-hundred day moving average of $2.32. Overall, the company is facing challenges in the market.
Shares of OneConnect Financial Technology Co., Ltd. (NYSE:OCFT - Get Free Report) dropped 6.7% on Tuesday . The stock traded as low as $1.68 and last traded at $1.68. Approximately 15,358 shares were traded during trading, a decline of 22% from the average daily volume of 19,593 shares. The stock had previously closed at $1.80.
Analyst Ratings Changes
Separately, Citigroup upped their price target on OneConnect Financial Technology from $6.98 to $7.00 and gave the company a "buy" rating in a research report on Tuesday, March 19th.
View Our Latest Stock Analysis on OCFT
OneConnect Financial Technology Stock Down 6.7 %
The company has a market capitalization of $65.52 million, a P/E ratio of -1.22 and a beta of 0.63. The company has a 50-day moving average of $1.99 and a two-hundred day moving average of $2.32.
OneConnect Financial Technology (NYSE:OCFT - Get Free Report) last announced its quarterly earnings data on Tuesday, May 21st. The company reported ($0.21) earnings per share (EPS) for the quarter. The company had revenue of $101.02 million for the quarter. OneConnect Financial Technology had a negative net margin of 10.33% and a negative return on equity of 10.21%.
Institutional Inflows and Outflows
A hedge fund recently bought a new stake in OneConnect Financial Technology stock. M&G Plc acquired a new stake in shares of OneConnect Financial Technology Co., Ltd. (NYSE:OCFT - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,324,592 shares of the company's stock, valued at approximately $2,941,000. M&G Plc owned about 3.40% of OneConnect Financial Technology as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors own 4.05% of the company's stock.
About OneConnect Financial Technology
(Get Free Report)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.
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