Lufax (NYSE:LU) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Lufax (NYSE:LU) from a hold rating to a sell rating in a research note issued to investors on Saturday morning.

LU has been the topic of a number of other reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Lufax in a report on Thursday, August 13th. JPMorgan Chase & Co. raised shares of Lufax from a “neutral” rating to an “overweight” rating and set a $2.00 price objective on the stock in a research report on Tuesday, July 28th. Finally, Zacks Research lowered shares of Lufax from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 30th. One investment analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Lufax presently has an average rating of “Reduce” and an average target price of $2.00.

Lufax Stock Down 2.5%

Shares of NYSE LU opened at $1.35 on Friday. The business has a 50-day moving average price of $1.41 and a 200 day moving average price of $1.84. The stock has a market cap of $1.17 billion, a PE ratio of -1.74 and a beta of 0.80. The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 0.08. Lufax has a 52-week low of $1.20 and a 52-week high of $4.57.

Lufax (NYSE:LU) last released its quarterly earnings results on Friday, August 14th. The company reported ($0.04) 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 the consensus estimate of $2.22 billion. Equities research analysts forecast that Lufax will post -0.29 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Alpine Investment Management Ltd lifted its holdings in Lufax by 91.9% in the fourth quarter. Alpine Investment Management Ltd now owns 8,106,500 shares of the company’s stock valued at $20,753,000 after acquiring an additional 3,881,500 shares during the period. Norges Bank acquired a new position in shares of Lufax during the 4th quarter worth $8,067,000. Arrowstreet Capital Limited Partnership grew its stake in shares of Lufax by 2,378.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,168,162 shares of the company’s stock worth $6,049,000 after purchasing an additional 2,080,678 shares during the period. Canada Pension Plan Investment Board acquired a new position in shares of Lufax during the 2nd quarter worth $2,276,000. Finally, Legal & General Group Plc increased its holdings in shares of Lufax by 106.5% in the 4th quarter. Legal & General Group Plc now owns 1,560,906 shares of the company’s stock valued at $3,996,000 after purchasing an additional 804,923 shares in the last quarter. Institutional investors and hedge funds 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.