Lufax (NYSE:LU) Shares Down 6.3% – What’s Next?

Lufax Holding Ltd. Sponsored ADR (NYSE:LU)’s share price was down 6.3% during mid-day trading on Monday . The stock traded as low as $1.26 and last traded at $1.2550. Approximately 236,433 shares changed hands during trading, a decline of 83% from the average session volume of 1,401,605 shares. The stock had previously closed at $1.34.

Analysts Set New Price Targets

Several research firms have commented on LU. Zacks Research upgraded shares of Lufax to a “hold” rating in a report on Tuesday, April 21st. Wall Street Zen raised shares of Lufax from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings restated a “sell (d)” rating on shares of Lufax in a research note on Monday, May 18th. Finally, JPMorgan Chase & Co. started coverage on shares of Lufax in a report on Friday, April 17th. They set a “neutral” rating and a $2.00 target price for the company. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $2.00.

Lufax Stock Performance

The company has a fifty day moving average of $1.55 and a two-hundred day moving average of $2.10. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of -1.60 and a beta of 0.79.

Institutional Investors Weigh In On Lufax

Hedge funds and other institutional investors have recently modified their holdings of the company. Yunqi Capital Ltd grew its stake in shares of Lufax by 8.4% in the third quarter. Yunqi Capital Ltd now owns 10,950,138 shares of the company’s stock valued at $44,458,000 after acquiring an additional 852,098 shares in the last quarter. Alpine Investment Management Ltd raised its stake in Lufax by 91.9% in the 4th quarter. Alpine Investment Management Ltd now owns 8,106,500 shares of the company’s stock worth $20,753,000 after purchasing an additional 3,881,500 shares in the last quarter. Millennium Management LLC acquired a new stake in Lufax in the 3rd quarter worth about $167,000. Virtu Financial LLC bought a new stake in Lufax in the 4th quarter valued at about $96,000. Finally, Headlands Technologies LLC boosted its holdings in Lufax by 245.1% in the 2nd quarter. Headlands Technologies LLC now owns 26,928 shares of the company’s stock valued at $75,000 after purchasing an additional 19,126 shares during the period. Institutional investors and hedge funds own 69.14% of the company’s stock.

Lufax Company Profile

Lufax (NYSE: LU) is a leading provider of online wealth management and personal finance services in China. Established in 2011 as a spin-off from Ping An Insurance (Group) Company of China, Lufax has developed a digital ecosystem designed to match retail and institutional investors with a diverse array of financial products. The company went public on the New York Stock Exchange in October 2020, underscoring its ambition to expand beyond its domestic market.

The firm’s core business activities include peer-to-peer lending, consumer finance, supply chain and small-business lending, as well as online asset management.