Lufax (NYSE:LU) Shares Up 8.5% – Time to Buy?

Lufax Holding Ltd. Sponsored ADR (NYSE:LU)’s stock price shot up 8.5% during trading on Monday . The stock traded as high as $1.56 and last traded at $1.6280. Approximately 145,908 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 1,292,855 shares. The stock had previously closed at $1.50.

Analyst Ratings Changes

LU has been the topic of a number of recent research reports. Zacks Research downgraded shares of Lufax from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 30th. JPMorgan Chase & Co. raised shares of Lufax from a “neutral” rating to an “overweight” rating and set a $2.00 price objective for the company in a research note on Tuesday, July 28th. Weiss Ratings restated a “sell (d)” rating on shares of Lufax in a report on Monday, May 18th. Finally, Wall Street Zen raised Lufax from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. One equities research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $2.00.

Lufax Price Performance

The firm has a market capitalization of $1.37 billion, a P/E ratio of -2.02 and a beta of 0.80. The stock’s fifty day simple moving average is $1.40 and its 200 day simple moving average is $1.91.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Amundi boosted its stake in Lufax by 76.8% in the first quarter. Amundi now owns 97,223 shares of the company’s stock valued at $282,000 after acquiring an additional 42,236 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Lufax by 32.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 604,823 shares of the company’s stock worth $1,796,000 after purchasing an additional 148,724 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Lufax by 0.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,343,505 shares of the company’s stock worth $3,990,000 after purchasing an additional 8,236 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Lufax by 3.9% during the 2nd quarter. Geode Capital Management LLC now owns 143,238 shares of the company’s stock valued at $400,000 after purchasing an additional 5,417 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Lufax by 74.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 110,024 shares of the company’s stock valued at $307,000 after purchasing an additional 47,001 shares during the last quarter. Institutional investors own 69.14% of the company’s stock.

About Lufax

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.