Lufax (NYSE:LU) Stock Price Up 7.9% – Time to Buy?

Lufax Holding Ltd. Sponsored ADR (NYSE:LU)’s stock price shot up 7.9% during trading on Tuesday . The company traded as high as $1.5550 and last traded at $1.5650. 589,371 shares were traded during trading, a decline of 55% from the average daily volume of 1,306,959 shares. The stock had previously closed at $1.45.

Analyst Ratings Changes

Several research analysts recently issued reports on LU shares. Weiss Ratings reissued a “sell (d)” rating on shares of Lufax in a research note on Thursday, August 13th. Zacks Research lowered shares of Lufax from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 30th. Wall Street Zen raised shares of Lufax from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, JPMorgan Chase & Co. raised shares of Lufax from a “neutral” rating to an “overweight” rating and set a $2.00 price target for the company in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $2.00.

Lufax Stock Down 4.2%

The firm has a market cap of $1.27 billion, a PE ratio of -1.88 and a beta of 0.81. The stock has a 50 day moving average price of $1.41 and a two-hundred day moving average price of $1.86.

Lufax (NYSE:LU) last announced its quarterly earnings data on Tuesday, August 18th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $1.08 by ($1.12). The company had revenue of $916.61 million for the quarter, compared to analysts’ expectations of $2.22 billion. As a group, equities analysts anticipate that Lufax Holding Ltd. Sponsored ADR will post -0.02 earnings per share for the current year.

Hedge Funds Weigh In On Lufax

Several hedge funds have recently made changes to their positions in the company. Barometer Capital Management Inc. grew its stake in Lufax by 7,538.6% during the 1st quarter. Barometer Capital Management Inc. now owns 534,700 shares of the company’s stock valued at $1,000,000 after purchasing an additional 527,700 shares during the last quarter. Alpine Investment Management Ltd lifted its holdings in shares of Lufax by 91.9% during the fourth 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 period. Amundi boosted its position 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 buying an additional 42,236 shares during the last quarter. XTX Topco Ltd acquired a new position in Lufax in the 4th quarter worth approximately $246,000. Finally, Sei Investments Co. increased its holdings in Lufax by 130.1% in the 2nd quarter. Sei Investments Co. now owns 75,448 shares of the company’s stock worth $210,000 after buying an additional 42,654 shares during the period. 69.14% of the stock is owned by institutional investors and hedge funds.

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.