OneConnect Financial Technology (NYSE:OCFT) Stock Price Up 4.5% – Here’s Why

Shares of OneConnect Financial Technology Co., Ltd. (NYSE:OCFT) were up 4.5% during mid-day trading on Wednesday . The company traded as high as $2.50 and last traded at $2.34. 43,765 shares changed hands during mid-day trading, a decline of 11% from the average daily volume of 49,257 shares. The stock had previously closed at $2.24.

OneConnect Financial Technology Stock Performance

The firm has a market cap of $91.26 million, a price-to-earnings ratio of -1.70 and a beta of 0.67. The stock’s fifty day moving average is $1.75 and its two-hundred day moving average is $1.84.

OneConnect Financial Technology (NYSE:OCFT) last announced its quarterly earnings results on Friday, August 16th. The company reported ($0.06) earnings per share (EPS) for the quarter. The business had revenue of $95.64 million for the quarter. OneConnect Financial Technology had a negative return on equity of 8.09% and a negative net margin of 1.09%.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in OneConnect Financial Technology stock. M&G Plc purchased a new position in shares of OneConnect Financial Technology Co., Ltd. (NYSE:OCFT) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,324,592 shares of the company’s stock, valued at approximately $2,941,000. M&G Plc owned 3.40% of OneConnect Financial Technology as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors and hedge funds own 4.05% of the company’s stock.

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 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.