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Wednesday, January 19, 2022

Renewed Optimism is Surrounding OneConnect Financial Technology Co. Ltd. (NYSE:OCFT)

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The OneConnect Financial Technology Co. Ltd. (OCFT) shares are trading at higher $19.26 and the avg recommendation for the stock is Moderate Buy. The current analyst price target stands at $14.37.

To add more color to this target, the company’s high over the last year is $16.94 and the low is $9.02. Over the last 52 weeks, OCFT is up 13.70% while the S&P 500 is up 0.93%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, OCFT reported a profit of $28.92 million. OneConnect Financial Technology Co. Ltd. also saw revenues increase to $83.23 million. In addition, OCFT has free cash flow of -$84.33 million as of 03-2020 The company’s EBITDA came in at -$63.83 million which compares well with its peers.

OCFT booked profit margins of -68.30%. All told, it is clear that, OCFT needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. OCFT has a short ratio of 7.21 and outstanding shares of 356.30M.

Company Outlook

OCFT has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 0.69 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at -0.64. OneConnect Financial Technology Co. Ltd. OCFT also noted assets of $1.27 billion at the end of the last quarter. Investors should also keep an eye on sector updates as OCFT has historically followed its peers on positive news.

All told, OneConnect Financial Technology Co. Ltd. OCFT has strung together solid data and demonstrated underlying fundamentals. At its current valuation, OCFT represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

OneConnect Financial Technology Co. Ltd. OCFT is now commanding a market cap of 6.86B and a float of 122.10M. OCFT is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of OCFT stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in OCFT, either long or short, and we have not been compensated for this article.

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