Lufax (NYSE:LU) Shares Gap Up – Here’s What Happened

Lufax Holding Ltd. Sponsored ADR (NYSE:LU)’s stock price gapped up prior to trading on Thursday. The stock had previously closed at $1.22, but opened at $1.3350. Lufax shares last traded at $1.3540, with a volume of 1,294,816 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Lufax in a report on Thursday, August 13th. Deutsche Bank Aktiengesellschaft set a $1.40 price target on shares of Lufax and gave the company a “hold” rating in a research note on Thursday, August 27th. Wall Street Zen lowered shares of Lufax from a “hold” rating to a “sell” rating in a research note on Saturday, August 22nd. Zacks Research lowered shares of Lufax from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 30th. Finally, JPMorgan Chase & Co. raised shares of Lufax from a “neutral” rating to an “overweight” rating and set a $2.00 target price on the stock in a report on Tuesday, July 28th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $1.70.

Lufax Price Performance

The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.72 and a current ratio of 1.72. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of -2.05 and a beta of 0.76. The business has a fifty day moving average of $1.37 and a two-hundred day moving average of $1.60.

Lufax (NYSE:LU) last announced its quarterly earnings results on Friday, August 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($1.12). The business had revenue of $916.61 million during the quarter, compared to analyst estimates of $2.22 billion. As a group, research analysts predict that Lufax Holding Ltd. Sponsored ADR will post -0.29 EPS for the current fiscal year.

Institutional Trading of Lufax

A number of hedge funds have recently modified their holdings of the stock. Alpine Investment Management Ltd boosted its holdings in shares of Lufax by 91.9% during the 4th quarter. Alpine Investment Management Ltd now owns 8,106,500 shares of the company’s stock worth $20,753,000 after buying an additional 3,881,500 shares during the period. Barometer Capital Management Inc. raised its holdings in Lufax by 7,538.6% in the 1st quarter. Barometer Capital Management Inc. now owns 534,700 shares of the company’s stock valued at $1,000,000 after acquiring an additional 527,700 shares during the period. California Public Employees Retirement System raised its holdings in Lufax by 2.4% in the 1st quarter. California Public Employees Retirement System now owns 329,089 shares of the company’s stock valued at $615,000 after acquiring an additional 7,608 shares during the period. Bank of New York Mellon Corp lifted its position in Lufax by 4.7% during the first quarter. Bank of New York Mellon Corp now owns 318,365 shares of the company’s stock worth $595,000 after acquiring an additional 14,224 shares during the last quarter. Finally, Fideuram Asset Management Ireland dac acquired a new stake in Lufax during the fourth quarter worth approximately $498,000. Institutional investors and hedge funds own 69.14% of the company’s stock.

About Lufax

Lufax Holding Ltd. (NYSE: LU) is a China-based financial services technology company that operates an online platform connecting borrowers, lenders and wealth-management customers. The company primarily serves small business owners, self-employed individuals and retail investors through digital financial products and services.

Lufax’s business includes consumer and small-business lending, wealth-management services and related technology solutions. Its platform uses data analytics, risk-management tools and digital processes to support loan origination, servicing and investment transactions.