Lufax (NYSE:LU) Stock Price Up 6.1% – Here’s Why

Lufax Holding Ltd (NYSE:LU) traded up 6.1% during mid-day trading on Wednesday . The company traded as high as $2.48 and last traded at $2.44. 290,675 shares were traded during mid-day trading, a decline of 93% from the average session volume of 3,962,299 shares. The stock had previously closed at $2.30.

Analyst Ratings Changes

LU has been the subject of several recent analyst reports. Jefferies Financial Group reiterated a “hold” rating and set a $3.20 price objective on shares of Lufax in a research report on Thursday, October 24th. Bank of America lowered their price objective on Lufax from $5.22 to $2.75 and set a “neutral” rating for the company in a research report on Friday, August 23rd.

Lufax Stock Performance

The firm’s 50 day moving average price is $2.86 and its two-hundred day moving average price is $2.85. The company has a market cap of $2.18 billion, a P/E ratio of -3.26 and a beta of 0.90.

Lufax (NYSE:LU) last announced its quarterly earnings data on Monday, October 21st. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.15). The company had revenue of $789.93 million for the quarter. Lufax had a negative net margin of 12.75% and a negative return on equity of 3.63%. During the same quarter in the prior year, the company earned $0.04 EPS. As a group, analysts forecast that Lufax Holding Ltd will post -0.48 EPS for the current fiscal year.

Institutional Investors Weigh In On Lufax

A number of hedge funds have recently added to or reduced their stakes in the company. Caxton Associates LP bought a new position in shares of Lufax in the 2nd quarter worth $2,152,000. Maven Securities LTD lifted its stake in shares of Lufax by 350.0% in the second quarter. Maven Securities LTD now owns 180,000 shares of the company’s stock valued at $427,000 after buying an additional 140,000 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of Lufax by 15.9% during the second quarter. Baillie Gifford & Co. now owns 14,011,971 shares of the company’s stock valued at $33,208,000 after buying an additional 1,922,185 shares during the last quarter. AQR Capital Management LLC bought a new stake in shares of Lufax during the second quarter worth about $1,114,000. Finally, Simplicity Wealth LLC acquired a new stake in shares of Lufax in the 2nd quarter worth about $79,000. Institutional investors and hedge funds own 69.14% of the company’s stock.

Lufax Company Profile

Lufax Holding Ltd operates as a financial service empowering institution for small and micro businesses in China. The company offers loan products, including general unsecured loans and secured loans, as well as consumer finance loans. It also provides wealth management products, such as asset management plans, mutual fund products, private investment fund products, and trust products.