Lufax (NYSE:LU) Sets New 12-Month Low – Here’s What Happened

Shares of Lufax Holding Ltd. Sponsored ADR (NYSE:LU) hit a new 52-week low on Thursday . The company traded as low as $1.29 and last traded at $1.2850, with a volume of 729225 shares changing hands. The stock had previously closed at $1.35.

Analyst Ratings Changes

LU has been the subject of several recent analyst reports. Wall Street Zen upgraded Lufax from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. JPMorgan Chase & Co. initiated coverage on shares of Lufax in a report on Friday, April 17th. They issued a “neutral” rating and a $2.00 target price for the company. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Lufax in a report on Monday, May 18th. Finally, Zacks Research raised shares of Lufax to a “hold” rating in a research note on Tuesday, April 21st. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $2.00.

Lufax Price Performance

The company has a market capitalization of $1.11 billion, a P/E ratio of -1.63 and a beta of 0.76. The company has a fifty day moving average price of $1.75 and a two-hundred day moving average price of $2.25.

Lufax (NYSE:LU) last released its quarterly earnings data on Monday, March 30th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.19). The firm had revenue of $724.89 million during the quarter, compared to the consensus estimate of $761.36 million. As a group, sell-side analysts forecast that Lufax Holding Ltd. Sponsored ADR will post -0.02 earnings per share for the current year.

Hedge Funds Weigh In On Lufax

Large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Lufax by 2.8% during the third quarter. Vanguard Group Inc. now owns 12,399,445 shares of the company’s stock worth $50,342,000 after purchasing an additional 335,480 shares during the period. Yunqi Capital Ltd raised its position in Lufax by 8.4% during the 3rd quarter. Yunqi Capital Ltd now owns 10,950,138 shares of the company’s stock worth $44,458,000 after purchasing an additional 852,098 shares during the last quarter. Alpine Investment Management Ltd raised its position in 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 purchasing an additional 3,881,500 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Lufax by 4.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,802,005 shares of the company’s stock worth $14,853,000 after buying an additional 240,225 shares during the period. Finally, Norges Bank acquired a new position in Lufax during the 4th quarter worth about $8,067,000. 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.